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1、911 Turbo 50 Years(WLTP):Fuel consumption combined 12.5 12.3 l/100 km,CO emissions combined 283 278 g/km;CO class GIDENTITYAnnual and Sustainability ReportPorsche AG2024Our inseparable,clearly identifiable identity remains intact even wheneverything around us is changing.Dr.Wolfgang Porsche6 MAGAZIN

2、E6 IN CONVERSATION:Oliver Blume on identity,strategies,and passion.34 WE INVEST IN THE FUTURE39 TO OUR SHAREHOLDERS40 LETTER FROM THE EXECUTIVE BOARD41 MEMBERS OF THE EXECUTIVE BOARD60 PORSCHE IN THE CAPITAL MARKET63 REPORT OF THE SUPERVISORY BOARD71 MEMBERS OF THE SUPERVISORY BOARD73 CORPORATE GOVE

3、RNANCE74 CORPORATE GOVERNANCE DECLARATION 85 MEMBERS OF THE EXECUTIVE BOARD87 MEMBERS OF THE SUPERVISORY BOARD91 REMUNERATION REPORT 2024119 COMBINED MANAGEMENT REPORT120 FUNDAMENTAL INFORMATION ABOUT THE GROUP120 Business model122 Strategic direction of the Porsche AG Group125 Management and key pe

4、rformance indicators127 Corporate Governance Declaration128 BUSINESS DEVELOPMENT128 Macroeconomic and sector-specific environment130 Deliveries132 Production133 Research and development133 Personnel134 Overall statement on business development and theeconomic situation136 RESULTS OF OPERATIONS,FINAN

5、CIAL POSITION ANDNETASSETS136 Results of operations140 Financial position145 Net assets147 PORSCHE AG HGB FINANCIAL STATEMENTS(CONDENSEDVERSION)152 REPORT ON RISKS AND OPPORTUNITIES152 General principles of risk and opportunity management158 Risks and opportunities as of December 31,2024165 REPORT O

6、N EXPECTED DEVELOPMENTS165 Development of the global economy and passenger car markets166 Forecast assumptions167 Forecast of the most important key performance indicators 167 Overall statement on anticipated development169 NON-FINANCIAL STATEMENT (part of the Combined Management Report)170 GENERAL

7、DISCLOSURES195 ENVIRONMENT196 Climate change219 Pollution229 Water234 Biodiversity and ecosystems242 Resource use and circular economy255 EU Taxonomy269 SOCIAL270 Own workforce297 Workers in the value chain306 Affected communities312 Consumers and end-users317 GOVERNANCE318 Business conduct336 ANNEX

8、347 CONSOLIDATED FINANCIAL STATEMENTS348 CONSOLIDATED INCOME STATEMENT349 CONSOLIDATED STATEMENT OF COMPREHENSIVEINCOME350 CONSOLIDATED STATEMENT OF FINANCIAL POSITION352 CONSOLIDATED STATEMENT OF CHANGES INEQUITY354 CONSOLIDATED STATEMENT OF CASH FLOWS355 NOTES TO THE CONSOLIDATED FINANCIAL STATEME

9、NTS355 Basis of presentation356 Significant events356 Impact of climate change356 Basis of consolidation362 Effects of new or amended IFRS363 New and amended IFRS not applied363 Currency translation364 Accounting policies376 Segment reporting379 Notes to the income statement387 Notes to the consolid

10、ated statement of financialposition411 Other notes475 FURTHER INFORMATION476 RESPONSIBILITY STATEMENT477 INDEPENDENT AUDITORS REPORT485 INDEPENDENT AUDITORS REPORT487 INDEPENDENT AUDITORS REPORT490 ABOUT THIS REPORT492 GRI CONTENT INDEX498 TCFD INDEX499 SASB INDEX502 KEY FINANCIAL FIGURES503 GLOSSAR

11、Y509 FINANCIAL CALENDAR 2025512 LEGAL NOTICECONTENTSIdentity Contents5 54 428Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences

12、 that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28ICONICALLYINNOVATIVELYDynamically PorscheThe biggest year of product launches in Porsche history was 2024.Chairman of t

13、he Executive Board Oliver Blume discusses the power of identity,strategies,and passion.In conversation with Oliver BlumeTaycan Turbo(WLTP):Electrical consumption combined:20.5 18.0 kWh/100 km;CO emissions combined:0 g/km;CO class:AIdentity DynamicallyDYNAMICALLY76628Emotionally PorscheLike distincti

14、ve design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption

15、combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28ICONICALLYINNOVATIVELYMr.Blume,what makes a Porsche aPorsche?Porsche is a way of life,and each and every one of our products embodies this.We represent performance and passion,sustainability and extraordinary experiences,inspirin

16、g fans all over the world.Its this combination that defines Porsche.How exactly do you do that?With clear criteria:Criteria for distinctive design,for performance,and the driving experience.Our vehicles are technical masterpiecesright down to the smallest detail.And to make them takes expertise.Not

17、to mention a determina-tion to keep innovating,and to keep inspiring people,time and time again.And with instinct,ensuring that Porsche always remains Porsche.Take,for instance,our iconthe 911.Were currently in the eighth generation.And weve continued to develop it,making it better and better.At its

18、 core,the 911 has remained true to itselffor more than 60years.Its original identity has stood the testof time.Drivinga Porsche should always be an unforgettable experience.If theres a smile on my face after a test drive,it means weve done every-thing rightas a team.And thats something our fans all

19、over the world can feel.Thats typicalPorsche.Combining tradition and innovationwhat exactly does that look like?The values Ive just described define our brand.Theyve transformed our products into driving icons.Every new development needs to fulfill this objective and carry it into the future.Take,th

20、e new 911 Carrera GTS.For the first time,it comes with a hybrid drivean ultra-lightweight performance hybrid system,inspired by motorsport.The technology is groundbreaking,and perfectly complements the overall concept,giving the 911 even more power and further enhancing the driving dynamics.Or the 9

21、11 GT3,which has delivered a totally unadulterated driving experience for the past 25years.It combines racing genes with everyday usability.And thats exactly what were now emphasizing even more.The new GT3 is even more emotive.And we go even further in tailoring it to the individual wishes ofour cus

22、tomers.Porsche has overhauled its model range in a very short period of time.Thats quite a feat.It certainly is.We revamped four of the six model lines in 2024:The Panamera,the Taycan,the 911,and the Macan.That was no easy task.Modernizing our line-up so comprehensively required a great deal of effo

23、rt and money.But it was well worth it.Our portfolio now is the youngest and strongest in Porsche history.With every new car,weve developed trailblaz-ing innovations and set benchmarks.Macan:A technical masterpiece down to the smallest detailPorsche is a way of life,and each and every one of our prod

24、ucts embodies this.Oliver BlumeIdentity Dynamically911 GT3(WLTP):Fuel consumption combined:13.8 13.7 l/100 km;CO emissions combined:312 310 g/km;CO class:G911 Carrera GTS(WLTP):Fuel consumption combined:11.0 10.5 l/100 km;CO emissions combined:251 239 g/km;CO class:G98628Emotionally PorscheLike dist

25、inctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consump

26、tion combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28ICONICALLYINNOVATIVELYWhat makes this model overhaul soambitious?Its a challenge in more ways than one.To start with,the new products need to be developed on scheduleand to fulfill the extraordinary quality standards for whi

27、ch Porsche is known.Then our plants need to be able to accommo-date the demanding ramp-up in production.And finally,theres the distribution:While the predecessor is gradually phased out worldwide,the new model is launched step by step.This transition needs to be managed perfectly.And it all needs fi

28、nancing at the same time.Thats challenging enough with one new model,but we had four in 2024,in quick succession.Ithink its safe to say that Porsche delivered.All of the new launches are reflected in the sales figures.After so many record-breaking years,you had to accept a setback in terms of the fi

29、nancial results.It was an extremely challenging year for the European automotive industry as a whole in 2024.We were expecting that,but thesitu-ation worsened throughout the year.We are experiencing a massive drop in demand in the luxury segment in China.Plus,costs have increased in many areas,espec

30、ially in the supply chain.Still,we followed through with our year of product launches as planned,and we made great strides in the development of innovative products and services.Considering the situation we find ourselves in,what we accomplished is nothing short of spectacular.And all credit goes to

31、 our team for this extra-ordinary achievement.A look at the world map reveals a dramatic shift in sales distribution.Whats the strategy behind this development?Over the years,we at Porsche have made a real effort to balance sales across regions aroundthe world.For example,weve strategically invested

32、 in the regions of South Korea,the ASEAN states,the Middle East,Brazil,and Mexico.911 GT3 with Touring package:Identity preservedfor more than 60 years911 GT3 with Touring package(WLTP):Fuel consumption combined:13.8 13.7 l/100 km;CO emissions combined:312 310 g/km;CO class:G1011628Emotionally Porsc

33、heLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electri

34、cal consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28ICONICALLYINNOVATIVELYAnditsnowpaying off because we were able to compensate for much of the decline in China with other regions.We remain true to our objective,“Value over Volume.”Value-oriented,sustainable growt

35、h is more important to us than quantity.When it comes to electric mobility,different regions around the world are developing at very different rates.How do you deal with that?Electric mobility is the technology of the future.At the same time,Porsche is flexibly positioned.This is important when it c

36、omes to meeting the needs of the different regions,which are developing at different rates.For individual model lines,our customers will therefore be able to choose between efficient internal combustion engines,high-perfor-mance plug-in hybrids,and all-electric models well into the 2030s.Can you be

37、more specific?In terms of sports cars,we offer the 911 with a six-cylinder boxer engine and as a sports hybrid.There will be the all-electric 718 Boxster and Cayman.In the SUV seg-ment,we have the all-electric Macan as well as the Cayenne,which is available with an internal combustion engine or as a

38、 plug-in hybrid,and in the future will also be offered inall-electric form.And as far as sports sedans are concerned,the Taycan represents electric performance,while the Panamera is availablewith aninternal combustion engine or as ahybrid.And the“double E”strategyelectric and eFuelscontinues?Absolut

39、ely.In our view,synthetic fuels do not directly compete with electromobility,but they are a practical addition for the transition phase.This transition will take quite some time.eFuels could be used in the existing fleet without any technical limitations.Currently,too little of these synthetic fuels

40、 are produced around the world.Porsche offers its customers more than just a wide selection of drives to choose from.Youve also significantly expanded the options available for vehicle customization.Thats right.And there,too,we draw from Porsches history.The Sonderwunsch program,for example,goes all

41、 the way back to the late 1970s.Since then,weve built on and updated the program,and of course expanded and modernized the range of options.It means that our customers can incorporate some of their own personality into their dream car.The possibilities are virtually endlessright down to a totally in

42、dividual one-off car.And we plan to continuously expand our product range with Porsche Exclusive Manufaktur.LEFT Taycan Turbo:Ground-breaking innovations developed and new standards setRIGHT Oliver Blume:Chairman of the Executive Board since 2015Identity DynamicallyTaycan Turbo(WLTP):Electrical cons

43、umption combined:20.5 18.0 kWh/100 km;CO emissions combined:0 g/km;CO class:A1312628Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into expe

44、riences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28ICONICALLYThe automotive industry is undergoing an epochal shift.Digitalization inside the vehicle goes even fur

45、ther than electric mobilityand requires a whole new way of thinking.Executive Board members Michael Steiner(Research and Development)and Sajjad Khan(Car-IT)explain more.Innovatively PorscheINNOVATIVELY14628Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.A

46、s a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO

47、 class:A28ICONICALLYMr.Blume,what does the digital transformation mean for Porsche generally speaking?OLIVER BLUME We have a fundamentally different way of thinking today.The motto used to be“Hardware first.”Software was only introduced during the development process.These days,software defines the

48、central requirements of a new vehicle from the very start.This new way of thinking is primarily an issue of mindsetthroughout the industry,notjust at Porsche.Mr.Steiner,Mr.Khan,the two of you are promoting this change in development at Porsche together.How will a“software-defined Porsche”be differen

49、t in the future?MICHAEL STEINER It will be a vehicle thatsdevel-oped and produced in accordance with the very highest quality standards and delivers extraordinary performance and a one-of-a-kind driving experience.So exactly what Porsche has represented for more than 75 years.That will always be our

50、 objective.And what our customers expect of us.Were creating exciting experienceswith first-class hardware,soft-ware,and digital services.Fluid material:the software is the starting point for a new PorscheSAJJAD KHAN I couldnt agree more.Of course,the software itself has to be excellent.But how its

51、integrated ultimately makes all the difference.Good software has to offer real added value,harmonize perfectly with vehicle components,and in the end represent a desir-able overall package.MICHAEL STEINER In other words,not much has changed in terms of our vision.But the path there is different.In s

52、oftware development,weve moved away from the long-term cycles of the past.Its an ongoing process.And that requires a high degree of flexibility and agility throughout the organization.That sounds like a cultural change.SAJJAD KHAN Thats exactly what it is.We have clear visions for the software of ou

53、r future sports cars.When it comes to implementation,our teams work in a model of“liquid organiza-tion”:no silos,reduced hierarchy,and lots of content.This type of organization allows us to respond more dynamically and quickly to mar-ket changes and technological developments.Youre working with part

54、ners more and more these days,especially in the digital sphere.What are you hoping to achieve?MICHAEL STEINER Partnerships are an oppor-tunity to increase speed,improve competi-tiveness,and develop expertise internally.To advance at a faster pace,it sometimes makes sense to work with external partne

55、rs.Espe-cially in the digital sphere,theres no need to redevelop everything ourselves from the ground up.Whenever the opportunity presents itself to benefit and learn from the expertise of others,thats what we do.But we also go out looking for competition in the areas were especially strong in ourse

56、lves.Were creating exciting experienceswith first-class hardware,software,anddigitalservices.Michael Steiner and Sajjad Khan Identity Innovatively17628Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has

57、always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28ICONICALLYHow do you preserve Porsches unique

58、 identity in a construct like that?SAJJAD KHAN I prefer to explain that using an example from the food and beverage industry.Good ingredients are key.But it takes anextra-ordinary chef to turn them into something special that inspires the guests.Something that no one else can do.Applied to our softw

59、are,it all comes down to how well its integrated into our customers vehicles and how it makes the driving experience even better.Who devel-oped which components plays a much less important role.Speaking of the Porsche driving experience,what makes it so unique?MICHAEL STEINER We organize everything

60、else around the driving experience.Thanks to intelligent software,we already perform very well in areas like driving dynamics and energy management,both of which will distinguish Porsches in the future.SAJJAD KHAN The Porsche Driver Experience engages all five senses.The role of voice control will c

61、ontinue to grow in the future,but the visual,acoustic,and tactile design of the system is also important.Artificial intelli-gence will play an increasingly important role insimplifying interaction with the vehicle and improving operation,making it as easy and intuitive as possible.But will a Porsche

62、 still be a car you primarily want to drive yourself?OLIVER BLUME Absolutely.We use all the options that new digital systems offer us.Our technol-ogy should optimally support the driver at all timesnot replace them.Its not a competitor.Its a good partner.Digital assistants are invisi-ble codrivers a

63、nd bodyguards.“Software-defined Porsche”:intelligent software transforms the icon into an incomparable driving experienceDigital assistants are invisible codrivers and bodyguards.Oliver Blume1828Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalys

64、t for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A286

65、IconicallyPorscheHe and Oliver Blume meet at one of the Weissach Development Centers most secretive locations:the halls of Style Porsche.Head of Design Michael Mauer has spent more than 20 years developing visionary designs and preserving iconic lines.ICONICALLY212028Emotionally PorscheLike distinct

66、ive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption

67、 combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28New drive mode shifter:technology as an aesthetic work of artMr.Blume,you come here often.Whyis that?OLIVER BLUME Its important to me to maintain close contact with Michael and his team.Even for issues beyond mere coordination o

68、f new products.Weve come to realize that design can do so much more than just styling our sports cars.How do you mean?OLIVER BLUME Our design strategy serves as a guideline that we want to apply at the company far beyond the confines of design.It represents a clear added valued for the long-term pos

69、ition of our brand.Simply put,design experts develop brand strategies that we aim to use as a type of brand compass throughout the companyregardless of the actual product design.The aim is to ensure a consistent brand feeling thats perceived the same way across alltouchpoints with the Porsche world.

70、Thats quite an undertaking,isnt it,Mr.Mauer?MICHAEL MAUER It certainly is.Continuity and consistency are part of our brand identity.Defining them carefully and carrying them into the future is a fundamental,strategic task.Rather than redefining everything anew,Porsche simply continues to develop wha

71、t already works well.A long-term strategy is very important.It ensures a consistent and innova-tive way of thinking that aligns with the brand,and allows all of us at the company to move in the same direction.Im delighted that were working with many other areas of the company to expand the strategy

72、expertise derived from the design.Lets talk about concrete processes.How does the strategic aspect fit in to vehicle design?MICHAEL MAUER Weve defined three terms for the design that describe our brand values,regardless of the models and derivatives:focus,purpose,and tension.They form the core of ou

73、r strategic thought process.On that basis,we develop concrete designs on a product level.For example,these attributes come into play when we discuss the design of the display Oliver Blume(left)and Head of Design Michael Mauer:so much more than just vehicle stylingbehind the steering wheel.In this co

74、ntext,focus means that we focus clearly on the driver and tailor the display to their specific needs.The result is our so-called curved display.Lets leave the result aside for just a moment and go back to the beginning.How does Porsche begin the design process for a certain model?MICHAEL MAUER Sketc

75、hing with pencil and paperor a tablet and stylus penis actu-ally still the most important starting point when it comes to finding or visualizing ideas.It depends on whether theres a predecessor model or were creating a brand-new product.Above all else,I need to be able to recognize immediately that

76、its a Porsche.Identity Iconically232228Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIO

77、NALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28The Porsche identity,this design tradition that everythings con-nected totheres nothing else like it.Oliver BlumePorsche 911:timeless icon with unmistakable

78、designWhat are the most important topics?MICHAEL MAUER The early phase is largely about achieving optimal vehicle proportions.Just as the location is decisive for a piece of real estate,proportions are key when it comes to vehicle design.Proportions,proportions,and again proportions.What makes sport

79、s cars in general and Porsches in particular so special is their dramatic width-to-height ratioregard-less of the segment.This width-to-height ratio ensures that all of our products are recogniz-able as Porsches at first glance.Perfect pro-portions are the foundation of a consistent and authentic br

80、and identity.And then there are additional details such as the abruptly sloping roofline that also characterize our vehicles.In addition to brand affiliation,weve also defined elements on the model level that,for example,clearly distinguish a 911 from a Panamera and provide every vehicle with its ow

81、n characterits own product identity.Here,too,were largely guided by our design philosophy and can thus ensure that these features are established as part of our design identity over the long term.Being creative,developing innovations,and preserving the identity that has evolved over theyearshow do y

82、ou reconcile allof that?MICHAEL MAUER Its an exhilarating task like no other.Designing a Porsche that breaks entirely with history would be a terrible idea.In fact,we go in the opposite direction.Its our job to visually present the brand in a way that is full of life,innovative,and forward-looking.T

83、o find the right balance between innovation and tradition.Here,in particular,I think the composition of the team plays a decisive role.For example,if were working on the successor of the current 911,we intentionally bring together experi-enced designers and young newbies.This form of exchange is ext

84、remely exciting and creates approaches that make this balance,in particu-lar,a reality.252428Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes

85、into experiences that are unique the world over.EMOTIONALLYTaycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28You have helped shape the design culture at Porsche over the past two decades.What has changed,and what

86、 has remained the same?MICHAEL MAUER The designers work has changed dramatically over the past two decades.Topics like digital applications have become a whole lot more important.They represent both a challenge and an opportunity.On the one hand,weve come to realize that the user experienceor driver

87、 experience,as we call itis becoming more and more important for the brand.On the other,digital applications in design provide us with the opportunity to visualize our ideas very quickly.Nevertheless,I still firmly believe that allegedly outdated phys-ical clay models play a key role in the quality

88、of our designs.But technological advancements have certainly had the biggest influence.Elec-tric mobility is a very good example.Elimination of the massive engine block allows us to design a much more striking hood on our sports cars.At the same time,there needs to be enough space to house the large

89、 battery,which hasnt gotten any smaller.The same goes for the manufacturing process.Today were able to produce shapes that were once impossible in the series production process.And what would you say about the future of design?MICHAEL MAUER The importance of design will only grow in the futureand no

90、t just on a product level.With our design philosophy,weve created the perfect foundation.A com-pass that provides the entire company with clear guidelines on the path to a consistent,emotionally charged customer experience.OLIVER BLUME That allows us to sustainably strengthen the future viability of

91、 our brand over the long term.And theres one thing that will never change:anytime you see a Porsche somewhere in the world,you will instinctively turn around.This Porsche moment is a huge acknowledgment.Especially because weve managed to maintain this enormous level of consistency over the decades.T

92、he Porsche identity,this design tradition that everythings connected totheres nothing else like it.Its an important incentive for many of our custom-ers to buy.Perfect proportions are the foundation of a con-sistent and authentic brand identity.Michael Mauer Masterful interplay of forms with continu

93、ity:the Porsche 9112628Emotionally PorscheLike distinctive design,performance is deeply rooted in Porsches identity.As a catalyst for technology development,motorsport has always shaped the brand.And Porsche channels these themes into experiences that are unique the world over.EMOTIONALLYTaycan Turb

94、o GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km;CO emissions combined:0 g/km;CO class:A28Mr.Blume,2024 was an exciting year for Porsche in motorsportwith major victories as well as narrow defeats.What was the season like foryou?I felt like a co-driver.I got lost

95、 in the excite-ment.The season was a rollercoaster of emotions and I spent much of it on the edge of my seat.Our teams achieved some impres-sive successes.Were proud of our world champion drivers in Formula E and the FIA World Endurance Championship.We secured the manufacturers,teams,and drivers tit

96、les in convincing fashion in the IMSA SportsCar Championship in the US.Le Mans,on the other hand,was a good example of how close it can be in top-flight motorsport.Our works Porsche 963 was ultimately just 1.2 seconds short of a place on the overall podiumand thats after 24 hours of racing.It doesnt

97、 get any more exciting than that.But what was most important to me was that we learned from every lap and continued to develop.Is that the primary purpose of motorsport at Porsche?It certainly is.Motorsport drives innovation and is our most demanding test environ-ment.Many technical developments lik

98、e the turbocharger,the hybrid drive system,and the Porsche dual clutch transmission(PDK)ori-ginated from the racetrack.We even designed and developed the 800-volt system originally for motorsport.Today,it delivers Porsche performance in the Macan and Taycanwith remarkably high charging capacities.An

99、d as well as the technical aspects,the emotion of racing is also very important to us.We love competition,and its also part of our identity.We love competition,and its also part of our identity.Oliver Blume99X Electric:Learning and developing with every lapIdentity Emotionally31303130Porsche brand s

100、tore and all-electric Macan:Porsche creates experiences that leave a lasting impressionIt also excites millions of fans worldwide.Where does this passion for Porsche come from?Porsche represents values,dreams and apassion that brings people together across generations and continents.Whether its on t

101、heracetrack or at one of the many Porsche events around the globe,this real love for the brand is the force that unites the Porsche community.The solidarity and cohesion create a unique atmosphere.This feeling of being part of a global community makes Porsche some-thing truly extraordinary.How does

102、Porsche actively promotethat?Its about the shared experience,especially when it comes to younger target groups.Its these special Porsche moments that leave a lasting impression and that people enjoy sharing,which is why we create experiences at every touchpoint with our brand.Whether its the first c

103、ontact at one of our new Porsche Studios or during intensive driver training.Porsche Experience Centers(PECs)play a key role.The concept goes quite a long way back,doesnt it?Yes,the first driver training courses were offered in the 1950s.The Porsche motor-sport school was founded in 1974 and was lin

104、ked to the first 911 Turbo.You had to learn how to master itturbo lag being a key topic there.Of course,things have changed a lot since then,and turbo lag is no longer a factor,thanks to the electric turbocharger of the new 911 Carrera GTS with its performance hybrid system.But the idea behind the P

105、ECs remains the same.To understand what a Porsche is really capable of,you have to push it to itslimits.What does the future of PECs looklike?In 2025,the 10th such experience center will open its doors in Toronto.The 11th is being built in Singapore.Every PEC is unique.Some are located at legendary

106、racetracks,while others feature reproductions of famous corners or off-road tracks.What they all have in com-mon is that the experience extends far beyond just driving.Everyones welcome here,young or old.And you dont need to own a Porsche either.This openness is an integral part of the global Porsch

107、e communitys identity and it shapes our brand.This feeling of being part of a global community makes Porsche something truly extraordinary.Oliver Blume911 Carrera GTS(WLTP):Fuel consumption combined:11.0 10.5 l/100 km;CO emissions combined:251 239 g/km;CO class GMacan 4(WLTP):Electrical consumption

108、combined:21.1 17.9 kWh/100 km;CO emissions combined:0 g/km;CO class:AMacan Turbo(WLTP):Electrical consumption combined:20.7 18.9 kWh/100 km;CO emissions combined:0 g/km;CO class:A320102Taycan Turbo S Celestial Jade:custom-made,all-electric sports car with special pigmented paint01 GROWTHThe identity

109、 of Porsche includes a commitment to value-driven and brand-appropriate growth.Sales figures alone are not a benchmark for us.Thats especially true at times like these when global challenges are onthe rise,making linear growth very difficult.At the same time,success increasingly requires a strong br

110、and,which is why we will remain true to our tried-and-tested approach even in the future:to always produce one vehicle fewer than the market needs.Growth at any cost is not how we do things.Were much more interested in following the principle of“Value over Volume,”which means we focus on the value o

111、ur vehicles contribute.If its high,all of the stakeholders benefit:theemployees,customers,and shareholders.02 LUXURYAt Porsche,the vehicle itself has always taken precedence.With its unmistakable design andextraordinary performance,it represents the epitome of luxury.That must and will always be our

112、 ideal.We will never lose sight of the iconic brand or the cultural legacy.Porsche also offers its customers unique experiences and an extraordinary community.Purchasing a Porsche automatically makes you a member of the Porsche family.“Its not what you buy,but what you buy into”thats how we define l

113、uxury.Customer engagement and support are impor-tant.Our aim is to fulfillor even exceedPorsche customers highest expectationseverywhere and at all times.That also applies to the brands attention to detail and the quality of the craftsmanship and materials.If this is your top priority,youll ultimate

114、ly create a product with maximum appeal and quality.We invest in the futureGrowthLuxuryTaycan Turbo S(WLTP):Electrical consumption combined:20.5 17.9 kWh/100 km;CO emissions combined:0 g/km;CO class:A35030504Sonderwunsch program:Porsche enables personalizedone-offs05 PROFITABILITYIts part of Porsche

115、s DNA that were constantly tinkering and trying to squeeze out even more horse power.For us,being highly profitable is not an end in itself,but rather a fundamental component of our business model.Our aim is to inspire and surprise our customers again andagainwith innovations,groundbreaking new tech

116、nologies,and exclusive experiences.The financial leeway necessary to do all that requires a high return,which is why its so important that Porsche maintains a financially robust position and does everything in its power to ensure it stays that way.03 RESPONSIBILITYPorsche is an exclusive brand,but d

117、oesnt exclude anyone.We view ourselves as a partner to society and allow others to share in our success.That,too,is a fundamental part of our selfimage as a luxury brand.Were involved in the community in a variety of ways.For example,we sponsor sports events and cultural activities and even support

118、Brger-stiftung(Community Foundation)Stuttgarts“Supp_optimal”project.Employees and the members of the Executive Board help distrib-ute food to people in unstable living situations.It goes without saying that a responsible company needs to be involved in climate and environmental protection,which is w

119、hy we promote the eFuel and direct air capture(DAC)technologies.eFuels are synthetic fuels that can potentially be manufactured entirely with renewable components and do not rely on fossil resources.DAC is a promising technology for capturing CO as a raw material for use in eFuels and plastics.Or ev

120、en for removing CO from the atmosphere and binding it perma-nently.In other words,we should be able to operate petrol engines with virtually no carbon emissions in the future.04 INVESTMENTSPorsche uses its financial power on behalf of customers.We invest in other exclusive offers such as expanding o

121、ur popular,high margin Sonderwunsch program.We also plan to expand additional luxury enablers like our Porsche Studios and our Porsche Experience Centers,which allow fans around the world to actively get to know our products firsthand.They offer demanding courses that allow you to try out your dream

122、 carand driver training with experienced instructors.Porsche Studios are retail locations where we engage with our customers in the center of larger cities.There,too,we offer immediate and highly emotional contact with the brand and our vehicles in an exclusive ambience.Even in challenging times,we

123、are determinedto invest in our future,all the while adapting to changing conditions with a high degree of flexi-bility and courage.This allows us to strengthen our product portfolio,our innovative power,and ourproducts and services.Our investments today will be our profits tomorrow.Taycan Turbo S(WL

124、TP):Electrical consumption combined:20.5 17.9 kWh/100 km;CO emissions combined:0 g/km;CO class:AResponsibilityInvestmentsProfitability37393938Taycan Turbo GT with Weissach package(WLTP):Electrical consumption combined:21.3 20.6 kWh/100 km,CO emissions combined:0 g/km,CO class:ATO OUR SHAREHOLDERS40

125、LETTER FROM THE EXECUTIVE BOARD41 MEMBERS OF THE EXECUTIVE BOARD60 PORSCHE IN THE CAPITAL MARKET63 REPORT OF THE SUPERVISORY BOARD71 MEMBERS OF THE SUPERVISORY BOARDAnnual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Po

126、rsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION40LETTER FROM THE EXECUTIVE BOARDDear Sir or

127、Madam,Dear Friends of the Company,A strong brand stands by its values,especially in challenging times.For more than 75 years,we at Porsche have been building innovative sports cars to the highest standards of performance,design,and qualityto the exhilaration of millions of people around the world.Th

128、is is what drives us.Every day,we work with devotion and a passion for detail,not to mention an outstanding team.These are the hallmarks of Porsche.We have held this courseeven when the sea has been rough and the waves have been talland we have remained true to ourselves during challenging times.The

129、 world was again beset by wars and conflict in 2024.Demand in China is changing on a structural level,and the transition of our industry to electric mobility is progressing more slowly than originally predicted a few years ago.We at Porsche have not been immune to the pressure that all this has brou

130、ght.However,our business model has proved to be resilient and flexible.Despite the difficult conditions,Porsche is in a robust financial position and is highly profitable.We have successfully completed our year of product launchesthe greatest in our historyand accelerated the development of innovati

131、ve products and services.The second,significantly more advanced generation of the all-electric Taycan is now on the market.Likewise,the Macan,our biggest seller for many years,has powered forth into the new era as a newly developed electric car.The new Panamera comes with hybrid drive systems that a

132、re significantly more powerful,in addition to many other highlights.And the new 911 continues to break new ground:for the first time ever,it isavailable with an exceptionally efficient performance hybrid drive system inspired by motorsport.These model changes and new launches were a Herculean effort

133、 and had a significant impact on Porsches year.We expected this from the outset.However,we are certain that our efforts have paid off.By comprehensively modernizing and rejuvenating our product portfolio,we have paved the way for success in the coming years.We are in a strong position to keep on exc

134、iting and inspir-ing our customers.Of the new vehicles delivered to customers in 2024,27per-cent were either all-electric or plug-in hybrids.Our product portfolio aims to significantly increase this proportion.The ramp-up of electrification depends largely on customer demand,the development of elect

135、romobility in the different regions of the world,and regulatory incentive schemes.For thetransition phase,we are positioning ourselves as flexi-blyaspossible with a mix of combustion-engined,plug-in hybrid andall-electric vehicles.The year 2025 will be challenging,too.The macroeconomic landscape rem

136、ains strained,as does the geopolitical situation.The development of the US and Chinese markets continues to be plagued by uncertainty.This is compounded by supply shortages and continuously rising costs,especially on the supply side.We must ready ourselves to face these external factors and seize th

137、e opportunities that present themselves in spite of thechallenging conditions.Therefore,we are carefully exam-ining how to position our portfolio,taking the wishes of our customers into account at all times.We are also carrying out continuous in-depth analysis of our budgets and costs.In doing so,we

138、 will gain the scope to continue making significant investmentin innovation,digitalization and sustainability,thedevelopment of future products and services,and in brand and customer satisfaction.Our newly formed Executive Board team is pulling out all the stops and putting the pedal to the metal wi

139、th this work.An excellent team,strong products,and a clever strategy:this has been the successful recipe that helped us claim numer-ous titles on the racetrack and thrill our fans around the globe in 2024.The year will go down in history as one of the most successful for Porsche Motorsport.The trans

140、formation of our industry is a special kind of endurance race,but we will qualify for the next stages using that same recipe again.And we will remain true to ourselves and our values while doing so.We are glad to have you at our side.With warmest regards,The Executive Board of Dr.Ing.h.c.F.Porsche A

141、GBarbara Frenkel ProcurementLutz Meschke Deputy Chairman of the Executive Board,Finance and IT(until February 25,2025)Detlev von Platen Sales and Marketing(until February 25,2025)Jochen Breckner Finance and IT(not pictured)Matthias Becker Sales and Marketing (not pictured)Albrecht Reimold Production

142、 and LogisticsAndreas Haffner Human Resources and SocialAffairsMichael Steiner Research and DevelopmentSajjad Khan Car-ITOliver Blume Chairman of the Executive BoardMEMBERS OF THE EXECUTIVE BOARD911 Turbo 50 Years(WLTP):Fuel consumption combined:12.5 12.3 l/100 km,CO emissions combined:283 278 g/km;

143、CO class GPictured individuals(from left to right):Albrecht Reimold,Andreas Haffner,Michael Steiner,Sajjad Khan,Oliver Blume,Barbara Frenkel,Lutz Meschke,Detlev von PlatenAnnual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Bo

144、ard Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION4342To our shareholders Members of the

145、Executive Board4342To our shareholders Members of the Executive BoardHow would you characterize yourself?I am a team player,a sportsman,and a family manand some-one who always thinks in terms of opportunities.Who has inspired you the most?I count myself lucky to be able to meet so many great people

146、in my life;people from lots of different fields,both professional and personal,with a wide range of backgrounds and points of view.Over the decades,I have been able to experience many different cultures and values and Ive personally learned a lot from them.This has shaped me and,still to this day,it

147、 never fails to inspireme.What characteristics must your department preserve intothefuture?I see the management team,including myself,in the role of a player-coach.We are responsible for overarching functions such as strategy,communication,quality,auditing,legal,and com-pliance,but also for our mode

148、l lines.This requires the greatest flexibility.We are experts and generalists rolled into one,keep-ing one eye on the details and the other on the big picture.And where is there a need to go back to the drawing board?We constantly ask ourselves how and where we can improve.It is an integral part of

149、our culture at Porscheas well as our work in management.The world is becoming more and more com-plex.Geopolitical tensions are rising.Frameworks,markets,and customer requirements are evolving rapidly.We must be able to react optimally in this environment.And better still:operate proactively.This is

150、the reason why we made further updates to our Porsche strategy in 2024 and sharpened our focus on the four core subject areas:customer,products,sustainability,and transformation.It will chart a clear course for the future.Oliver BlumeChairman of the Executive BoardSelf-reflection and continuous impr

151、ovement are a key element of our Porsche identity.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE CO

152、MBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION4544To our shareholders Members of the Executive Board4544To our shareholders Members of the Executive BoardHow would you characterize yourself?Someone with cle

153、ar boundaries.Challenging and supportive.Iam always candid and I speak transparentlyto colleagues on all levels.Who has inspired you the most?My childhood idol:the soccer player Gnter Netzer.His tech-nique and understanding of the flow of the game were unrivaled.He was unorthodox.He was also able to

154、 just let some things pass.Nevertheless,he proved himself beyond a doubt and everyone followed his lead,both on and off the pitch.I met him in person a few years ago.I am pleased to say that he lived up to his reputation.What characteristics must your department preserve intothefuture?In the past,fo

155、r the most part,Finance was only responsible for bookkeeping and strict cost management.Today,it is the com-panys strategic copilot.It is important to me that the depart-ment is not merely seen as an administrative database.It should be seen as an internal adviser and a confident driving force that

156、helps to form strategic decisions.To other departments,it is an equal partner that helps implement projects,business models,and strategic initiatives.And where is there a need to go back to the drawing board?The world has become more complex and volatileand in turn less predictable.Disruptive events

157、 like pandemics,breaks in global supply chains,or geopolitical changes are happening more and more frequently.Thats why we have structured our processes to be significantly more flexible than in the past,especially with regard to planning and forecasting,as these play a key role in corporate governa

158、nce.We even use new technol-ogy,such as AI,to do this.It provides unparalleled opportunities that we absolutely must seize.Lutz MeschkeDeputy Chairman of the Executive Board and Member of the Executive Board responsible for Finance and IT(until February 25,2025)We are an inter-nal adviser and a conf

159、ident driving force that helps form strategic decisions.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNA

160、NCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION4746To our shareholders Members of the Executive Board4746To our shareholders Members of the Executive BoardHow would you characterize yourself?I am a pos

161、itive and optimistic person who never loses sight of opportunities,even in challenging situations.I am curious and very much enjoy working with new technology.Reliability and passion are incredibly important to me because I believe that Iam successful whenever I do something that is really close to

162、my heart.Who has inspired you the most?I am inspired by people who excel and make their dreams come true despite adversity.It could be a handicapped athlete who wins an Olympic medal.Or Sally Ride,the first American female astronaut.She had to overcome a lot of obstacles to make her greatest dream c

163、ome true.I like to be inspired by thrilling sto-riesat certain stages in life or in certain situations.What characteristics must your department preserve intothefuture?Resilience,especially personal resilience,is crucial.After all,we are constantly forced to deal with change and challenges to the po

164、int of crisis management.We also support suppliers in finan-cially strained situations.This requires not only professionalism,but also a strong sense of responsibility,in order to obtain the best outcome possible for the companies involved.And where is there a need to go back to the drawing board?Th

165、e transformation of our industry requires us to modify our supply chains and,in some cases,restructure them to be even more resilient.It is important to recognize and utilize opportu-nities:attract new,innovative,and suitable suppliers,cultivate partnerships,formulate efficient contracts,and acceler

166、ate development processes.Barbara FrenkelMember of the Executive Board responsible for ProcurementIt is crucial to never lose sight of opportunities,even in challenging situations.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Exe

167、cutive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION4948To our shareholders Member

168、s of the Executive Board4948To our shareholders Members of the Executive BoardHow would you characterize yourself?Inquisitive and empathetic.I love to immerse myself in new subject areas through podcasts,books,or even conversations with colleagues from a wide range of fields.It creates an unbe-lieva

169、bly enriching variety of perspectives.Who has inspired you the most?I am most impressed by people who show some backbone.People who stand up for what they believe in.People like Albert Schweitzer,winner of the Nobel Peace Prize.Through his ethical commitment and humanitarian work as a doctor in Afri

170、ca,he made an impact that can still be felt today.People who make the world a better place.I find the work of Alfred Herrhausen,the former Chairman of Deutsche Bank,similarly inspiring.His visionary advocacy for social responsibility to be more deeply anchored in business is more relevant than ever.

171、Economic success and social commitment are inextricably linked.What characteristics must your department preserve intothefuture?I see strong cohesion in the day-to-day work of our department.We truly embrace the value of“Family”from our Porsche Code.We must preserve this team spirit.And where is the

172、re a need to go back to the drawing board?We should move away from old habits and,in particular,continue to systematically reduce the red tape.We must make greater use of new technology,such as artificial intelligence,inour projects and processes.This gives us more time to do ful-filling and product

173、ive things.We can make time for people.Andreas HaffnerMember of the Executive Board responsible for Human Resources and Social AffairsWe need empathy,especially in the age of artificial intelli-gence and digita-lization.To be able to think and act as a team.That makes us unbeatable.Annual and Sustai

174、nability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combin

175、ed Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION5150To our shareholders Members of the Executive Board5150To our shareholders Members of the Executive BoardHow would you characterize yourself?I see technology as a transformative force and turn innovations into real solutions

176、 for our customers.My approach is vision based,yet also strongly aligned with the Porsche experi-ence.Close collaboration with fellow experts is of particular importance to me.This is the only way to overcome complex challenges.My goal is to shape the digital future of Porsche and,in so doing,preser

177、ve the unique identity of the brand.Who has inspired you the most?Konrad Adenauers ability to set clear goals in a time of upheaval and then work to accomplish them with equal amounts of vision and pragmatism was inspiring.In particular,I was struck by his confidence in Germanys capacity to flourish

178、 again and become an economically strong country,even after such difficult times.Adenauer had the courage to move in new directions without straying from his countrys values.This quality is just as relevant today,especially in an industry that is currently reinventing itself.What characteristics mus

179、t your department preserve intothefuture?Software development at Porsche should remain focused on maximum creativity,functionality,and customer centricity in the future.Not unlike a well-balanced meal,it is all down to the optimal integration of digital technology.To date,no one has created a car qu

180、ite like the Porsche 911.Our task is to take this icon into the future with innovative software.The crucial part remains finding the perfect harmony between the software and all the other components of the car.And where is there a need to go back to the drawing board?You need the right mindset to de

181、velop a software-defined vehicle:software must be part of the development process from the outset.Thats why we are transitioning to a software-first approach,supported by flexible working models like the“liquid organization.”This enables teams to collaborate in an agile man-ner across departments an

182、d respond to changes in the market with greater speed.In this context,it is important to actively involve employees in order to drive this cultural change.Sajjad KhanMember of the Executive Board responsible for Car-ITWe all must work together to shape the digital future of Porsche.Together and on a

183、 par with experts from all fields.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMEN

184、T REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION5352To our shareholders Members of the Executive Board5352To our shareholders Members of the Executive BoardHow would you characterize yourself?As open-minded and cosmopolitani

185、f only because of my international background.I value different perspectives,listen,and am able to put myself in the shoes of the person I am talking to.I am a pragmatic team player and am always focused.I like to think Im always two or three steps ahead.I love a chal-lenge and new things,and I neve

186、r want to remain static.There isonly one of me,by which I mean that I am authentic.And I never lose my sense of humor.Who has inspired you the most?I am not thinking about one person in particular.Instead,I think that motorsport is a great example for me of the right mindset.I can feel that irrepres

187、sible joy of always wanting to compete against the best:with lots of pioneering spirit,even more passion,and yet stilldespite any successalways a degree ofhumility.What characteristics must your department preserve intothefuture?To be open,to listen,and to learn from others.To stride forwards with c

188、ourage,remain positive,and never give up.We must learn the right lessons from defeats and share success stories with others.Even in challenging times,our dreams inspire us to continue on our pathas a promise of an extraordinary brand and product experience.And where is there a need to go back to the

189、 drawing board?Whenever there is change,it is clear that the customer will always remain the top priority,even in the future.Otherwise,there are no barriers to our thinking.Barriers dont suit my personality.Change is happening at an increasing pace and AI-based tools are becoming ever more important

190、 to us,as they are in all areas of the company.Customers should be able to come into contact with the Porsche brand anytime and anywhere.Online offerings and the physical world of Porsche transition seamlessly into one another,but I see a lot of scope for innovation here.Detlev von PlatenMember of t

191、he Executive Board responsible for Sales and Marketing(until February 25,2025)The need to excite customers is what drives us mostwithan extraordinary product and brand experience that gets their pulses racing.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Execu

192、tive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION5

193、554To our shareholders Members of the Executive Board5554To our shareholders Members of the Executive BoardHow would you characterize yourself?I would describe myself as setting clear targets,leading the team by example with my own attitude,and showing apprecia-tion.As I always say,“You have to be i

194、n love with success.”This positive attitude brings success both individually and to the entire team,professionally as well as personally.Who has inspired you the most?I have been inspired by the American athlete Dick Fosbury.He revolutionized high jumping with the“Fosbury flop,”a technique consistin

195、g of a backwards flop.His style was initially met with ridicule,but is now standard practice in the high jump event.I have retained this principle of taking new approaches and uti-lizing innovations throughout my professional career.Even after decades in automobile manufacturing,the phrase“Weve alwa

196、ys done it that way”has never entered my vocabulary.I enjoy trying new things with my team.What characteristics must your department preserve intothefuture?Constant self-scrutiny has always been a hallmark of Porsche production.A good example of when we demonstrated this was when we started manufact

197、uring the Taycan,when we built a factory within a factory in Zuffenhausen.Despite the limited space,we managed to build a cutting-edge facility in no time.We must preserve this attribute as we head into the future,in order to realize the dreams of our customers through innova-tions.The important thi

198、ng is that this can only be done through close collaboration with other departments such as Technical Development,Sales,and Procurement.And where is there a need to go back to the drawing board?Our industry is currently undergoing the greatest transforma-tion in its historyin terms of electric mobil

199、ity,software and connectivity,but also production.We must forge ahead with the fully networked smart factory,both through the use of cloud solutions and AI as well as with regard to production processes.In the future,it will offer tremendous potential to head in new directions.To me,personally,it is

200、 extremely important that sustainability plays a key role in all innovations.Long-term entrepreneurial success can only be achieved through sustain-able productionliterally.Albrecht ReimoldMember of the Executive Board responsible for Production and LogisticsSetting clear targets,leading the team by

201、 example with my own approach,and showing appreciation.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNAN

202、CE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION5756To our shareholders Members of the Executive Board5756To our shareholders Members of the Executive BoardHow would you characterize yourself?I work with

203、 passion and a clear focus on the future and devel-opment of Porsche.I think it is important to push forwards with technical innovations without losing sight of the essence and tradition of the brand.I value precision and attention to detail,especially when it comes to realizing complex concepts in

204、exclusive sports cars.I am driven by the challenge of combin-ing the tried and tested with the new,and leading Porsche into amore sustainable future.Who has inspired you the most?Wilhelm Conrad Rntgen inspired me with his curiosity and application of theoretical models from nature.His X-rays made th

205、e invisible visible through experimental evidence.His approach really motivates me to understand complex tech-nology and topics on a daily basis.This understanding is the foundation of the creativity that we need in order to develop innovations.What characteristics must your department preserve into

206、thefuture?At Porsche,Technical Development must preserve its pioneering spirit and culture of innovation.One of our greatest strengths atthe Weissach Development Center is the outstanding effi-ciency of our vehicle development and the skill of our engineers.Our goal is still to build the sportiest c

207、ar in every segment.A Porsche is a marriage of driving pleasure,performance,and effi-ciency and gets better with every generation.This means that in the future,we will meet the changing requirements over the course of our transformation and remain true to our DNA.And where is there a need to go back

208、 to the drawing board?The pace of innovation in the software sector is increasing all the time.We therefore have to adapt our development pro-cesses and shorten development times.Cost efficiencies and the utilization of synergies remains crucial.Strategic partner-ships help us focus on the essential

209、s while increasing internal value creation in central areas.At the same time,data-driven development is indispensable for making the increasing com-plexity manageable.Michael SteinerMember of the Executive Board responsible for Research and DevelopmentAn understanding of complex tech-nology paves th

210、e way for creativity and innovation.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEM

211、ENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION5958To our shareholders Members of the Executive Board5958To our shareholders Members of the Executive BoardHow would you characterize yourself?I am athletic,genuine,and open

212、-minded with a lot of heart and passion.Structured but also creative.My family and friends matter a lot to me,and I value loyalty highly.Teamwork is a key aspect,as I strongly believe that we can accomplish more when we work together.Who has inspired you the most?As a teenager and as a student,I was

213、 very much into athletics.At the time,Carl Lewis was the dominant sprinter and long jumper of his era with nine Olympic gold medals and he was named world athlete of the century in 1999.Lewis was later dethroned as the fastest sprinter in the world by Usain Bolt.I like the way in which both men succ

214、eeded they had a sporty,relaxed attitude combined with a clear focus on their goals.The great personal motivation and passion of both men,driven by the will to push boundaries,have shown that you can achieve a lot whenyou believe in your dreams and do your utmost to realize them.“Follow Your Dreams”

215、How would you characterize yourself?I am level-headed and deliberate,down to earth and economical,but not miserly quintessentially Swabian,both at work and at home with my family.Apolitical and always interested in the matter at hand and the best solution.Putting my heart and soul into representing

216、the business conscience of the company has always been important to me in a variety of roles and it still is.Who has inspired you the most?I have always been fascinated by jazz musicians,how theyplay together,improvise,and dare to try something new on the spur of the moment,all while being able to r

217、ely on each other.And by how something that might seem chaotic at first ultimately becomes something great.That is art in its truest sense.Apply-ing this notion to a professional environment,I am fascinated when people improvise,react appropriately,remain flexible,and keep on finding new solutions,e

218、ven if the situation seems challenging at first glance.Jazz musicians can teach you to establish structures quickly even in supposedly chaotic and dynamic situations.Resume1970 Born in Braunschweig1990 Studied mechanical engineering at the Technical University of Braunschweig 1993 Internship,Volkswa

219、gen de Mxico,Puebla 1996 International trainee program,AUDI AG,Ingolstadt1997 Product Marketing,Audi UK,Milton Keynes1998 Sales Manager(Scandinavia,France,UK),Audi Sales Europe2006 Head of Sales in a joint venture with FAW-VW,Audi China,Changchun2009 Head of Marketing,Volkswagen Germany,Wolfsburg201

220、3 Head of Sales Asia and Overseas,incl.China,koda Auto,Mlada Boleslav2015 Head of Sales,Overseas and Emerging Markets Porsche AG,Stuttgart2025 Member of the Executive Board responsible for Sales and Marketing at Porsche AGResume 1977 Born in Stuttgart1997 Studied business administration at the Unive

221、rsity of Stuttgart2000 Joined Porsche as an intern in Controlling2004 Controller of subsidiaries2008 Assistant to the Chairman of the Executive Board2010 Head of Subsidiary Controlling 2012 Head of Product Controlling2017 Head of Controlling2018 Head of General Secretary and Corporate Development202

222、5 Member of the Executive Board responsible for Finance and IT at Porsche AGJochen BrecknerMember of the Executive Board responsible for Finance and IT (since February 26,2025)Changes to the Executive Board at Porsche:Jochen Breckner has assumed responsibility for Finance and IT,and Matthias Becker

223、is now in charge of Sales and Marketing.They succeed Lutz Meschke and Detlev von Platen,who left the company by mutual agreement.Matthias BeckerMember of the Executive Board responsible for Sales and Marketing (since February 26,2025)Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLD

224、ERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATE

225、MENTSFURTHER INFORMATION6160To our shareholders Porsche in the capital marketPORSCHE IN THE CAPITAL MARKETSTOCK PRICE AND OVERALL MARKETThe most important stock indices,such as the German stock index DAX,the European EURO STOXX 50,and the global MSCI World Index,continued their trend upwards in the

226、reporting period,building on strong performances in the previous year.Inflation fell significantly over the course of the year,which prompted leading central banks to announce their first interest rate cuts in 2024.The European Central Bank(ECB)brought an end to its restrictive monetary policies wit

227、h an initial interest rate cut in June,followed by three more in September,October,and December.The American Federal Reserve followed suit and lowered its interest rate in September,November,and Decem-ber.This created a palpable tailwind for global stock markets,which,with regard to the STOXX Europe

228、 600,benefited companies in the banking,insurance,telecommunications,and media sectors in particular.Negative factors,such as the con-frontations in the Middle East and the ongoing Russia-Ukraine conflict,had at best a short-term negative impact on the performance of the stock markets and investors,

229、for the most part,tuned out.The DAX grew by a significant 18.8%in 2024,rising above 20,000 points for the first time during trading hours on Decem-ber 3.The MSCI World Index also performed well with growth of 17.0%.On the other hand,the STOXX Europe 600 Automobiles&Parts(SXAP)and S&P Global Luxury i

230、ndicesboth of which are of relevance to Porschefell by 12.2%and 2.5%respec-tively.Following a strong start to 2024,Porsches preferred shares were unable to maintain their upward momentum.The sluggish rollout of electric mobility in Europe,high regulatory hurdles,and slowing demand for luxury goods,e

231、specially in China,created considerable headwinds over the course of the year.At the same time,the comprehensive modernization of four out of six series in the model range,which involved corresponding investments and costs,led to a decrease in the return on sales.The peak price of Porsches preferred

232、 shares was 95.24 on April 11,2024,compared to the lowest price of 57.22 on November 21,2024.The year-end price of 58.42 corresponds to market capitalization of around 53.2 billion.In 2024,the average daily trading volume of Porsche preferred shares was around 99 million.Stock price development in 2

233、024Index 100January01,2024 June15,2024 December 21,2024Porsche AGSXAPDAXS&P Global Luxury13012011010090807060DIVIDENDSThe Executive Board and Supervisory Board of Porsche AG are going to propose a dividend of 2.30 per ordinary share and 2.31 per preferred share to the Annual General Meeting,which is

234、 set to take place on May 21,2025.In this case,a total of 2.1 billion will be distributed to shareholders,subject to the approval of the shareholders.For notes on Porsches sustainable dividend strategy,please refer to the condensed version of the Porsche AG HGB financial statements.Porsche AG HGB fi

235、nancial statements(condensed version)20242023Stock pricesYear-end price158.4279.90Year high195.24120.35Year low157.2279.90Key stock indicatorsEarnings per ordinary share3.945.66Earnings per preferred share3.955.67Total number of sharesShares911,000,000911,000,000Market capitalization(Dec.31)billion5

236、3.272.8Average daily trading volume million99.069.0DividendDividend per ordinary share2.3022.30Dividend per preferred share2.3122.31Amount paid out billion2.122.1Payout ratio%58.4240.71 Each share price is the closing price on Xetra at the Frankfurt Stock Exchange.2 Proposal for the Annual General M

237、eeting by the Executive Board and Supervisory Board.SHARE CAPITAL AND SHAREHOLDER COMPOSITIONThe subscribed capital of Porsche AG,in the form of no-par bearer shares,consists of a total of 911 million shares,of which 455.5 million are unlisted ordinary shares and 455.5 million are listed nonvoting p

238、referred shares.Each share has a theoretical interest in the share capital of 1.Consequently,this amounts to 911 million.The interest of Volkswagen AG,which indirectly holds 75.0%minus one of the ordinary shares through Porsche Holding Stuttgart GmbH,remained unchanged in the reporting year,as did t

239、he interest of Porsche Automobil Holding SE,which indirectly holds 25.0%plus one of the ordinary shares.Of the nonvoting preferred shares,around 75.8%is indirectly held by Volkswagen AG via Porsche Holding Stuttgart GmbH,and around 24.2%is in free float(as of December 31,2024).Shareholder compositio

240、n as of December 31,2024(as a percentage of share capital)12.1%Institutional and private investors12.5%Porsche AutomobilHolding SE75.4%Volkswagen AG120241 Volkswagen AG indirectly holds its shares via Porsche Holding Stuttgart GmbH.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDER

241、S Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEME

242、NTSFURTHER INFORMATION6362To our shareholders Report of the Supervisory BoardANNUAL GENERAL MEETINGThe Annual General Meeting 2024 was held on June 7,2024.Held virtually for the first time,it was attended by around 2,000shareholders,shareholder representatives,and media representatives.One hundred p

243、ercent of the voting capital was represented.The shareholders approved all proposed resolutions unanimously.In particular,the items on the agenda included the distribution of a dividend of 2.30 per qualifying ordinary share and 2.31 per qualifying preferred share as well as the official approval of

244、the actions of the members of the Executive Board and Supervisory Board.Furthermore,the share-holders approved the system of remuneration for the members of the Executive Board and the remuneration report.They also accepted the proposals of the Supervisory Board concerning the necessary Supervisory

245、Board elections and the appointment of the auditor of the annual and consolidated financial statements.DIALOG WITH THE CAPITAL MARKETThe Executive Board of Porsche AG and members of the Investor Relations department maintained a constant,trusting dialog with investors and analysts in the reporting p

246、eriod.They joined national and international market players in a number of discus-sions and explained the business model of the company as well as its current development and outlook.The dialog took place by phone,on videoconferencing platforms,and in person either in Zuffenhausen or on the premises

247、 of the institutional investors themselves.After the publication of each set of current figures,the Executive Board of Porsche AG was involved in direct dialog with the most important investors at road shows in New York,London,Atlanta,Shanghai,and Frankfurt.Additionally,numer-ous other road shows an

248、d a series of interviews with analysts and investors were held at the headquarters of Porsche AG in Stuttgart-Zuffenhausen,at Porsche Experience Centers,and at the home of Porsche Exclusive Manufaktur.Likewise,inter-national events were an opportunity to hold workshops with analysts and investors,in

249、cluding the dealer launch of the Macan in Singapore,the“Icons of Porsche”event in Dubai,and a special“Product Day”,held by Porsche at Silverstone,in the UK.These focused on both new products and new technology,as well as Porsches business in overseas and growth markets and its individualization stra

250、tegy.NOTIFICATION OF DIRECTORS DEALINGS IN ACCORDANCE WITH ARTICLE 19 OF THE MARKETABUSEREGULATION(MAR)NameFunctionType of transactionAggregatedvolume in Price in DateDr.Wolfgang PorscheSupervisory BoardPurchase27,920.00 69.80 Jun.13,2024Dr.Wolfgang PorscheSupervisory BoardPurchase30,104.80 68.42 Au

251、g.2,2024Dr.Wolfgang PorscheSupervisory BoardPurchase13,456.00 67.28 Aug.5,2024Dr.Wolfgang PorscheSupervisory BoardPurchase19,494.00 64.98 Sep.10,2024REPORT OF THE SUPERVISORY BOARDOF DR.ING.H.C.F.PORSCHE AKTIENGESELLSCHAFT(PURSUANT TO SECTION 171,PARAGRAPH 2,OFGERMANYS STOCK CORPORATION ACT(AKTG)Dea

252、r Sir or Madam,Dear Friends of the Company,The 2024 financial year was shaped by major geopolitical tension,increasing macroeconomic uncertainty,andfor uspoor market developments in our key Chinese market.Simultaneously,there was a continuation of the deep changes within the global automotive indust

253、ry that have been caused by ongoing advances toward sustainable mobility.Recently,though,there has been a noticeable slowdown in this process in Europe and Germany in particular.Innovative power,boldness,and passion are crucial driving forces for our day-to-day actions,especially in times of massive

254、 challenges that demand a lot of us all.That is something we must not forget,and we would be well advised to reflect on our strengths.Such contemplation is essential in order for us to offer PorscheAGs customers unique driving experiences and build them sports cars that inspire.We remain on our traj

255、ectory and are delivering on our core promise of always making our customers wishes our focus,even in times of transformation.Dear shareholders,renewal was a key theme in the PorscheAG product portfolio in 2024.Four out of six model ranges were overhauled extensively as part of the largest model off

256、ensive in our companys history.As a result,we are offering our custom-ers the youngest product portfolio seen in years.We have put exciting vehicles on the market in the form of the newly devel-oped,all-electric Porsche Macan and the second-generation all-electric Porsche Taycan.The Porsche911 sets

257、new standards with an efficient performance hybrid drive system inspired by motorsport.On top of that,PorscheAG released an exclusive anniversary model of its iconic Porsche911 Turbo sports car to celebrate its 50th year.The 911 Turbo 50Years keeps with the original mythology of the 911,featuring a

258、fascinating symbiosis of outstanding performance and exclusive design elements.The uncompromising Porsche911 GT3 sports car also celebrated its anniversary last year.For 25 years,it has stunned people as a motorsport icon both on the track and on the road.Mean-while,the third-generation Porsche Pana

259、mera has redefined the luxury sedan segment,combining smooth driving comfort with the attributes of a Porsche sports car.With our offensive,we are meeting our customers expectations of an incomparable drivingexperience while also keeping an eye on that special extra at alltimes.Motorsport continues

260、to have a significant role in the companys identity,and PorscheAG had the privilege of celebrating impres-sive successes on the racetrack in 2024.Among the standouts were the two world drivers championships,claimed by Pascal Wehrlein,who was victorious in the ABB FIA Formula E World Championship wit

261、h the Porsche99X Electric Gen 3,and the trio of Kvin Estre,Andr Lotterer,and Laurens Vanthoor,who won the World Endurance Championship with the Porsche963 hybrid prototype.In the US,Porsche Penske Motorsport had another strong season.The works team claimed seven out of eight possible titles in the I

262、MSA WeatherTech SportsCar Championship and FIA World Endurance Championship with the Porsche963.A 20th overall victory in 24Hours of Le Mans was,however,not entirely on the cards after ultimately falling 37seconds short of an anniversary victory.The 2025 financial year ahead of us will be a challeng

263、ing one and demand a great deal of us.The developments in the global sales markets are dynamic,and the general conditionsespe-cially as they pertain to the automotive industryare changing rapidly and structurally.To us,this is an incentive to be better.However,we will need to make difficult decision

264、s,too,and carry out the necessary changes with consistency.Our enhanced 2030 Plus corporate strategy charts the course for this and will guide us through these challenging times.Porsche has a unique identity.We are an unmistakable brand which connects tradition with innovation,quality,and outstandin

265、g driving experiences.That is a promise to not only our customers,but also to you,our shareholders.911 Turbo 50 Years(WLTP):Fuel consumption combined:12.5 12.3 l/100 km;CO emissions combined:283 278 g/km;CO class:G911 GT3(WLTP):Fuel consumption combined:13.8 13.7 l/100 km;CO emissions combined:31231

266、0 g/km;CO class:GAnnual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINA

267、NCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INFORMATION6564To our shareholders Report of the Supervisory BoardMETHODS OF THE SUPERVISORY BOARD AND MEETING ARRANGEMENTS OverviewIn the 2024 financial year,the Supervisory Board performed the tasks and

268、 duties incumbent on it under the law,the Articles of Association,and the Rules of Procedure,and focused closely on the position and prospects of Dr.Ing.h.c.F.Porsche AG(“Porsche AG”).While doing so,the Supervisory Board moni-tored the Executive Board as it conducted business and advised it regularl

269、y on all key matters,and also with regard to the recommendations and requirements of the German Corporate Governance Code.The Chairman of the Supervisory Board was in close,trusting,and regular contact with the Executive Board,especially the Chairman of the Executive Board,where they discussed matte

270、rs of strategy,planning,and business development.Without delay,the Chairman of the Executive Board notified the Chairman of the Supervisory Board of significant events of relevance to the assessment of the companys position and development,as well as to the running of the company,and the Chairman of

271、 the Supervisory Board,like the board as a whole,was heavily involved in the strategic considerations and decision-making processes of the Executive Board.The report by the Chairman of the Executive Board was supported by regular reports from the members of the Executive Board responsible for Financ

272、e and Sales,as well as ad hoc reports from other portfolio holders.The Supervisory Board dedicated considerable time to the reports of the Executive Board.Due to the regular reporting by the Executive Board,the Super-visory Board was informed in full,promptly,and transparently at all times,both verb

273、ally and in writing.The necessary documents were made available in full to the members of the Supervisory Board and the relevant committees in good time.Key topics discussed,including at the plenary meetings,included the development of business,strategic matters,business planning,including financial

274、,investment,and human resource planning;and matters relating to profitabil-ityon a Group level and for key subsidiaries.In particular,the subsidiaries that were reported on intensively included Porsche Financial Services GmbH,Porsche Consulting GmbH,Porsche Engineering Group GmbH,Porsche Lifestyle G

275、mbH&Co.KG,MHP Management und IT-Beratung GmbH(MHP),and Porsche Werkzeugbau GmbH.This enabled the Supervisory Board to paint a complete picture.Aside from the regular reports,the Executive Board submitted regular,timely,and comprehensive reports to the Supervisory Board on all material aspects of rel

276、evance to the company and transactions requiring approval.This made it possible to address individual topics specifically,such as the progress of individual vehicle projects.Reports were regularly received from the Supervisory Boards committees at the plenary meetings.Thanks to the intensive and dil

277、igent preparation for individual issues within the relevant committees,decisions were able to be made efficiently and on a considered basis at the plenary meetings.Additionally,the representatives of shareholders and employees normally met for separate advance discussions in the run-up to Supervisor

278、y Board meetings.Although the members of the Executive Board participated in meetings of the Supervisory Board and its committees,the Supervisory Board and committees frequently met without the Executive Board too.Disclosure of Plenary Meeting Attendance by Individual and Overview of Meeting FormatT

279、he Supervisory Board met in full six times in the financial year.Circular resolutions outside regular meetings were not passed.Overall,the attendance rate at Supervisory Board(plenary)meetings in 2024 was 94%.Compared with the previous year,the attendance rate at the plenary meetings fell slightly.1

280、 The attendance of each Supervisory Board member at the plenary board meetings in the 2024 financial year can be viewed in the table below.1 One reason for this is that Supervisory Board members who had a potential con-flict of interest on certain issues opted out of attendance at relevant meetings

281、as a precaution.Notes on the response to conflicts of interest generally and background information about specific instances can be found in the“Conflicts of Interest and How They Are Handled”section.Meeting AttendanceAttendance in%Full Supervisory BoardDr.Wolfgang Porsche(Chairman)6/6100%Jordana Vo

282、giatzi(Deputy Chairman)6/6100%Dr.Arno Antlitz5/683%Dr.Christian Dahlheim5/683%Micaela le Divelec Lemmi6/6100%Melissa Di Donato Roos5/683%Dr.Hans Michel Pich5/683%Hans Dieter Ptsch3/650%Dr.Ferdinand Oliver Porsche5/683%Dr.Hans Peter Schtzinger6/6100%Hauke Stars6/6100%Ibrahim Aslan1 2/2100%Harald Buck

283、6/6100%Wolfgang von Dhren12/2100%Martina Holzbauer2 4/4100%Akan Isik6/6100%Nora Leser12/2100%Knut Lofski5/683%Steffen Reiig24/4100%Meeting AttendanceAttendance in%Vera Schalwig6/6100%Stefan Schaumburg12/2100%Conny Schnhardt24/4100%Carsten Schumacher6/6100%Heidi Zink-Larson24/4100%1 Departed with eff

284、ect from June 7,2024.2 Member of the Supervisory Board since June 7,2024.All meetings of the full Supervisory Board were held in person in the 2024 financial year.Within the committees,occasional resolutions on urgent topics were passed at hybrid meetings or by videoconference.The flexibility of suc

285、h(hybrid)meeting for-mats has proved itself in exceptional,well-founded situations.Consequently,these formats will continue to be an option in the next financial year for making the business of the Supervisory Board as efficient as possible and avoiding travel time in situa-tions with issues of part

286、icularly short notice.Details about the format of the plenary meetings and of the boards committees can be viewed in the table below:BoardNumber of meetingsOf which in person1Of which by videoconfer-ence/tele-conferenceFull Supervisory Board660Presidential Committee642Audit Committee440Nomination Co

287、mmittee101Mediation Committee000Related Party Committee0001 For meetings held in person,all members of the Supervisory Board are generally invited to attend them on-site.However,it is also possible to attend an in-per-son meeting via videoconference.If,due to exceptional circumstances,a member of th

288、e Super-visory Board or a committee was unable to attend a meeting for reasons other than a potential conflict of interest,they were able to familiarize themselves with the items on the meetings agenda with the preparatory documents.In this case,they cast their vote in writing to participate in reso

289、lutions.As in previous years,digital documents ensured that meeting preparations and procedures were efficient.The members who cast their vote in writing to participate in resolutions in exceptional,well-founded situations during the reporting period were Dr.Christian Dahlheim,Dr.Ferdinand Oliver Po

290、rsche,Hans Dieter Ptsch,andKnut Lofski,who were unable to attend certain meetings.Training and Professional Development As a rule,the members of the Supervisory Board completed the necessary training and development courses for their duties on their own responsibility,with reasonable support from th

291、e com-pany.In particular,the company assists with the organization of seminars.Moreover,the company offers specific training and pro-fessional development formats for the entire Supervisory Board.The first Supervisory Board training session in the 2024 financial year took place in mid-May,the day be

292、fore the Supervisory Board meeting at the production location in Leipzig.This session was the first of a series of training sessions on the subject of sustainability and involved the Porsche Sustainability Council and Executive Board.It had brief,summary presentations where the Sustainability Counci

293、l addressed issues that are material to PorscheAG,such as ESG management,decarbonization,and sustainability in the supply chain.On the day before the companys Annual General Meeting on June 7,2024,which was held as a virtual meeting for the first time,comprehensive training was provided on the right

294、s and duties of the Annual General Meeting,as well as the current legal framework for a virtual Annual General Meeting.In late October 2024,the first training session of its kind was held across companies on the topic of corruption prevention and bribery.To leverage synergy,six companies joined toge

295、ther for it and developed and real-ized a purely virtual and audience-specific training format for almost 100members of various supervisory boards in multiple languages.On December 5,2024,the concept of a Super-visory Board training day was used again to hold the second part of the ESG training seri

296、es.Information was provided about the Supervisory Boards ESG obligations,especially in view of CSRD sustainability reporting,in an interactive training session lasting multiple hours.Moreover,the Supervisory Board also addressed the topic of efficiency in its working methods on this day.A biennial f

297、eedback option based on a digital questionnaire was introduced to complement the comprehensive self-as-sessment,and it was able to be used to evaluate,for example,new report and training formats as well as the onboarding of new Supervisory Board members.More information about the performance of the“

298、efficiency check”and the evaluation of the results is available in the Corporate Governance Declaration at https:/ training was provided with the assistance of internal and external experts.Beyond purely legal matters,training also focused on subject areas relating to products and technology.Part of

299、 the Super-visory Board meeting in Leipzig included,for example,test-drives of the all-electric Macan,which gave the committee the opportunity to familiarize itself with the technical and driving characteristics.Furthermore,an extensive report on the topic of product and technological expertise was

300、compiled in the 2024 financial year,and it is planned to be a regular format in the future,too.As part of the design presentation,future vehicle models were also shown to the members of the Supervisory Board in detail.Annual and Sustainability ReportPorsche AGMAGAZINETO OUR SHAREHOLDERS Letter from

301、the Executive Board Members of the Executive Board Porsche in the capital market Report of the Supervisory Board Members of the Supervisory BoardCORPORATE GOVERNANCE COMBINED MANAGEMENT REPORT NON-FINANCIAL STATEMENT(part of the Combined Management Report)CONSOLIDATED FINANCIAL STATEMENTSFURTHER INF

302、ORMATION6766To our shareholders Report of the Supervisory BoardTo provide the individual members of the Supervisory Board and board as a whole with a comprehensive offering of education and training,the Supervisory Board consults internal and external experts throughout the year to identify suitable

303、 topics for the Supervisory Board training day as well as other training courses and presentations.Additionally,the Supervisory Board pursues continuous learning independently,at and outside meetings,to obtain information and knowledge about current issues.Onboarding of New Supervisory Board Members

304、 Aside from the aforementioned training formats,a comprehen-sive onboarding program is available to new members of the Supervisory Board,for example,to give them the opportunity to meet the members of the Executive Board and managers to discuss general and current topics,and in doing so develop an u

305、nderstanding of matters relevant to the company and its governance structure.Extensive information material will also be provided to new members of the Supervisory Board to assist them with their Supervisory Board activities.During the 2024 financial year,the Supervisory Board of PorscheAG welcomed

306、four new additions to its members(more about this in the“Personnel Changes on the Supervisory Board and Executive Board”section).To prepare for their roles as Supervisory Board members,detailed onboarding talks were held with each individual member.The Supervisory Boards office provided extensive su

307、pport for all administrative matters.MAIN FOCAL POINTS OF THE PLENARY MEETINGSAt all of its meetings in the reporting period,the Supervisory Board delved deeply into the core matters of the company and the economic situation of Porsche AG and of its key subsidiaries.The meetings of the Supervisory B

308、oard were characterized by frank and constructive exchange at all times.The first Supervisory Board meeting during the reporting period was held on February28,2024,and focused in particular on issues surrounding the annual financial statements for 2023.The audit and formal approval of the consolidat

309、ed and annual financial statements for the 2023 financial year,the combined management report,including the nonfinancial report,and the dependent company report pursuant to section 312 of the AktG,for example,were discussed as part of this.Alongside that,the Supervisory Board passed a resolution to

310、prepare the remuneration report for the 2023 financial year jointly with the Executive Board and adopt the proposed resolutions for the agenda items at the Annual General Meeting,which took place on June 7,2024.Moreover,the Supervisory Board dealt with the strategic development of MHP internationall

311、y.The second Supervisory Board meeting of the year was held on May15 and 16,2024.In light of the launch of the all-electric Macan,the Supervisory Board opted to have the meeting at the Leipzig production location.Besides the standard situa-tion reports from the Executive Board on business,sales,and

312、finances,as well as standard reports from the committees,the Executive Board members responsible for Development and Car-IT reported extensively on technical topics.In addition to the report on the sales situation,the Chinese sales market was dis-cussed as a topic in detail.Finally,the Supervisory B

313、oard looked at multiple financial and corporate matters involving,among other things,investments in strategically important companies.The Supervisory Board held its inaugural meeting on June7,2024,directly after the Annual General Meeting where fresh elections were held for all shareholder represent

314、atives.Dr.Wolfgang Porsche was elected as Chairman of the Super-visory Board at this meeting and Jordana Vogiatzi as Deputy Chairwoman,affirming their positions.The Supervisory Board furthermore elected the members of the committees set up byit.The Supervisory Board met at the Weissach Development C

315、enter on September24,2024.The focal points at the meeting were the reports by the chairpersons of the Audit and Pres-idential Committees as well as the reports by the Executive Board members on the business situation.A closer look was given in this context to the supplier situation at that time by t

316、he Executive Board member responsible for Procurement.The PorscheGroup PR73 planning session was also talked over.In this context,the Supervisory Board intensively discussed ques-tions concerning the companys medium-and long-term plans,including the product range and vehicle projects.Moreover,the bo

317、ard dealt with financial and corporate issues,including for example approvals of strategic investments and a new partner-ship with Penske Automotive Australia.At an extraordinary meeting on November11,2024,the Supervisory Board made a decision on approving a framework agreement to be concluded with

318、VolkswagenAG for develop-ment services and vehicle software licenses.This agreement is connected to the joint venture agreed between VolkswagenAG and Rivian Automotive,Inc.The final Supervisory Board meeting for 2024 was held in Zuffenhausen on December6,2024.The focal points at the meeting were the

319、 reports from the Audit and Presidential Com-mittees as well as the reports by the Executive Board members on the business situation.The discussions on the PR73 planning session were additionally continued intensively.On top of three financial and corporate issues concerning the realignment of certa

320、in majority-owned investments,a resolution was also passed for the routine financial strategy for 2025.The Super-visory Board also adopted the annual Declaration of Conformity with the German Corporate Governance Code after a thorough discussion.Lastly,the Supervisory Board dealt with its meeting da

321、tes for 2025.On the basis of reporting by the Executive Board,the Supervi-sory Board was continuously engaged with the key official and judicial processes of the company,such as the proceedings in connection with emissions.PERSONNEL CHANGES ON THE SUPERVISORY BOARD AND EXECUTIVE BOARDThe tenure of a

322、ll Supervisory Board members ended routinely at the time the Annual General Meeting ended on June7,2024,which made fresh elections necessary.Among the employee representatives,Ibrahim Aslan,Wolfgang von Dhren,Nora Leser,and Stefan Schaumburg departed the Supervisory Board.The entire Supervisory Boar

323、d expressed their gratitude to the four departed Supervisory Board members for the many years of trusting cooperation and for their commitment to the board.Martina Holzbauer,Steffen Reiig,Conny Schnhardt,and Heidi Zink-Larson were elected as new members to the Supervisory Board to represent the empl

324、oyees in accordance with Ger-manys Codetermination Act(MitbestG).The other employee representatives were reelected as members of the Supervisory Board.Furthermore,the shareholder representatives were reelected to the Supervisory Board in the same composition at the Annual General Meeting,in keeping

325、with the Supervisory Boards proposal.The tenure of all Supervisory Board members commenced at the end of the Annual General Meeting on June7,2024,and will go on until the end of the Annual General Meeting in the 2029 financial year.At its inaugural meeting directly after the Annual General Meeting,t

326、he Supervisory Board reelected Dr.Wolfgang Porsche as its Chairman and Jordana Vogiatzi as its Deputy Chairwoman.Due to the departure of certain Supervisory Board members,there arose corresponding changes to the personnel on the boards committees.Jordana Vogiatzi was elected by the Supervisory Board

327、 to succeed Nora Leser on the Audit Com-mittee.In addition,Knut Lofski was elected to the Related Party Committee after the departure of long-serving member Wolfgang von Dhren.There were no changes to the personnel on the Executive Board during the reporting period.There were new appointments to the

328、 Executive Board positions responsible for Finance and IT as well as Sales and Marketing in February2025.COMMITTEES OF THE COMPANYS SUPERVISORY BOARD AND MEETING FREQUENCY In order to perform the duties incumbent on it,the Supervisory Board has formed committees to assist it with its tasks.The follo

329、wing details the duties of the committees as well as their meeting frequency and the individual attendance of meetings by committee members.Presidential CommitteeThe Presidential Committee coordinates the work within the Supervisory Board and prepares its meetings.It prepares per-sonnel-related deci

330、sions for the Supervisory Board.Alongside the Executive Board,the Presidential Committee also ensures that a long-term succession plan is in place.The Presidential Committee met six times in the 2024 financial year.Audit CommitteeThe Audit Committee monitors the accounting process,the effectiveness

331、of the internal control system,the risk manage-ment system,the internal audit system,as well as the audit of the financial statements,especially the selection and indepen-dence of the auditor,the quality of the audit,and the additional services performed by the auditor.The Audit Committee met four t

332、imes in the 2024 financial year.Nomination CommitteeThe Nomination Committee is staffed exclusively by repre-sentatives of the shareholders and has the task of proposing suitable candidates to the Supervisory Board for its proposals to the Annual General Meeting for the election of Supervisory Board

333、 members to represent the shareholders.The Nomination Committee met once at the start of the reporting period.Mediation CommitteeWhen the criteria of section 31,paragraph 3,sentence 1,and paragraph 5,of the MitbestG are met,the Mediation Committee is responsible for proposing candidates for appointment to the Executive Board and for proposing the dismissal of Executive Board members.The Mediation