Porsche AG HGB financial statements (condensed version)

Net assets

As of December 31, 2025, total assets decreased by €211 million from €27,325 million to €27,114 million. Fixed assets increased by €12 million, while current assets decreased by €237 million.
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The share of fixed assets in relation to total assets was 64.1% (2024: 63.5%). Intangible assets decreased by €270 million to €1,830 million (2024: €2,100 million), due in particular to amortization exceeding investments. Impairment losses of €62 million were recognized on advance payments. Property, plant and equipment decreased by €169 million to €7,289 million (2024: €7,458 million). This decline resulted from additions of €1,347 million, which were offset by disposals of €210 million and depreciation of €1,306 million. Amortization, depreciation and write-downs include impairment losses of €164 million in connection with the realignment of the product strategy. The €452 million increase in financial assets to €8,251 million is the result of additions of €639 million, of which €372 million is mainly attributable to the acquisition of shares in V4Smart GmbH & Co. KG, Nördlingen. This was offset by write-downs on financial assets of €166 million, which mainly related to the shares in V4Smart GmbH & Co. KG, Nördlingen (€117 million), and Porsche Lifestyle GmbH & Co. KG, Ludwigsburg (€38 million).
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As part of an intragroup reorganization of the investment structure, the shares in Porsche Hong Kong Ltd, Hong Kong, were contributed to Porsche Investments Management S.A., Luxembourg, in the fiscal year 2025 in exchange for new shares in the latter. The option to disclose hidden reserves was not exercised.
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Current assets decreased by €237 million to €9,579 million as of December 31, 2025 (2024: €9,816 million). Inventories increased by €233 million, mainly due to an increase of €241 million in advance payments made. This was offset primarily by a €364 million decrease in receivables from affiliated companies. This decrease resulted in particular from declining trade receivables due to lower vehicle sales in December 2025 compared to December 2024 (down €923 million) and lower cash pool receivables (down €505 million). This was offset by the increase in receivables from profit and loss transfer agreements (up €934 million). The €155 million decrease in other assets is due in particular to the usage of capitalized emission rights in connection with the final settlement from prior years in the amount of €61 million.
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Equity amounts to €12,554 million as of the reporting date (2024: €13,648 million). The equity ratio stands at 46.3% (2024: 49.9%).
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Porsche AG’s subscribed capital of €911 million was made up of 50% ordinary shares and 50% non-voting preferred shares. Ordinary and preferred shares are no-par-value bearer shares. The holders of non-voting preferred shares receive an additional dividend of €0.01 per preferred share from the annual distributable profit, above the dividend allocable to the ordinary share.
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The capital reserves remain unchanged compared to the prior year at €3,822 million.

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After the transfer of €90 million to retained earnings pursuant to section 58 (2) AktG, the company’s distributable profit is €916 million (2024: €2,100 million).
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Provisions for pensions largely relate to pension benefits for the employees of Porsche AG. The pension obligations are fully covered by provisions. Pension provisions remained almost unchanged compared to the prior year, increasing by €36 million to €5,222 million.
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Other provisions decreased slightly by €147 million from €4,254 million to €4,107 million, mainly due to the decrease in provisions for outstanding invoices (down €248 million), personnel-related provisions (down €184 million) and the provision for exceeding emission limits (down €193 million). On the other hand, there were increases in provisions for supplier claims (up €393 million), provisions for potential losses from pending transactions (up €83 million) and provisions for warranty obligations (up €36 million).
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The increase in liabilities, including deferred income, by €952 million to €5,138 million (2024: €4,186 million) largely results from liabilities to Porsche Nordamerika Holding GmbH, Ludwigsburg, of €795 million.

Financial position

Porsche AG is integrated into thegroup-wide liquidity management system. As a result, Porsche AG’s cash and cashequivalents are mainly held in the cash pool. In the fiscal year 2025, cash andcash equivalents, which comprise cash pooling, cash on hand and bank balances,amounted to €1,569 million (prior year: €2,080 million). The decline was mainlydue to the dividend payment to the shareholders of Porsche AG. This was partlycounterbalanced by cash inflows from operating activities.

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In light of the realignment of itsproduct strategy and battery activities as well as the ongoing global economicand political challenges, Porsche AG considers the economic situation of bothitself and the Porsche AG Group to be unsatisfactory. Nevertheless, Porsche AGwas always able to fulfill its financial obligations in the fiscal year 2025.

Dividend policy

As part of its financial strategy, Porsche AG is pursuing the goal with its dividend policy of a continuous dividend development that allows its shareholders to have an appropriate share of the success of the business. The proposed amount of the dividend aims to take the financial targets into account, primarily that of securing a sound financial basis.
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Porsche AG currently aims to distribute an annual dividend of around 50%. The distribution rate is based on the IFRS profit/loss of the group after taxes. Due to the special expenses in the fiscal year 2025 presented in the consolidated financial statements under key events, a dividend deviating from this system will be proposed to the Annual General Meeting.
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In accordance with section 58 (2) AktG, the dividend payment by Porsche AG is based on the net retained profits reported in the annual financial statements of Porsche AG prepared in accordance with the German Commercial Code. Based on these annual financial statements of Porsche AG, following the transfer of €90 million to other retained earnings, the distributable profit amounts to €916 million.
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It will be proposed to the Annual General Meeting that from the distributable profit of €916 million (2024: €2,100 million) a partial amount of €456 million (2024: €1,048 million) be used to pay a dividend of €1.00 per ordinary share carrying dividend rights and a partial amount of €460 million (2024: €1,052 million) be used to pay a dividend of €1.01 per preferred share carrying dividend rights.

Personnel

As of December 31, 2025, there were a total of 22,515 persons (2024: 23,650 persons), excluding employees at subsidiaries, employed at Porsche AG sites. On average, Porsche AG had 22,805 employees in the fiscal year 2025.

Report on expected developments, risks and opportunities

Due to the interrelationships between Porsche AG and its subsidiaries, the statements and expectations made in the Report on expected developments also apply to the parent company.
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As the parent company of the Porsche AG Group, Porsche AG is subject to and considers essentially the same risks and opportunities as the Porsche AG Group. These risks are presented accordingly in the Report on risks and opportunities in the respective risk categories and in the overall assessment of the risk and opportunity situation in this combined management report.