Porsche Automobil : Half-yearly financial report as of 30 June 2025

1 January - 30 June

2025

Half-yearly financial report

Core investments

Stake of ordinary shares: 53.3 % Stake of subscribed capital: 31.9 %

Stake of ordinary shares: 25 % plus one ordinary share Stake of subscribed capital: 12.5 %

Portfolio investments

Status 30 June 2025

European Transport Solutions S.à r.l.

Stake of subscribed capital: 35.5 %

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‌C O N T E N T

2

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Interim group management report 4

Condensed consolidated interim

financial statements 36

This half-yearly financial report contains forward-looking statements. These statements are based on current assumptions and estimates of Porsche Automobil Holding SE or originate from third party sources. Various known and unknown risks, uncertainties and other factors could lead to significant differences (both positive and negative) between actual developments and the results of Porsche Automobil Holding SE and the Porsche SE Group and the estimates given here. Porsche Automobil Holding SE accepts no liability for the assumptions and estimates being up-to-date, correct and complete or for the expectations and targets being met. We do not assume any obligation to update the forward-looking statements contained in this report beyond the statutory requirements. This document does not constitute, and should not be construed as, investment advice or an offer, a recommendation, or a solicitation to purchase, sell or subscribe to securities. The document is not intended to provide the basis for a valuation of securities or other financial instruments.

All figures and percentages are rounded according to customary business practice, so discrepancies may arise from the addition of these amounts. Amounts smaller than €0.5 million are stated at zero. Amounts of €0.00 are not reported. The comparative prior-year figures are presented in parentheses alongside the figures for the current reporting period.

This half-yearly financial report is published in English and German. In the event of discrepancies, the authoritative German version of the document takes precedence over the English translation.

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Half-yearly financial report 1 January - 30 June 2025 Interim group management report 1 2

1

Interim group management report

Significant events and developments 6

Business development 16

Results of operations, financial position and net assets 21

Opportunities and risks of future development 29

Outlook 31 Glossary 34 4

Half-yearly financial report 1 January - 30 June 2025 Interim group management report 1 2

1 January - 30 June

2025

Porsche Automobil Holding SE ("Porsche SE" or the "company") is a holding company with investments in the areas of mobility and industrial technology. Its business activities include in particular the acquisition, holding and management as well as the disposal of investments. The investments of Porsche SE are divided into the two categories "core investments" and "portfolio investments". In particular, Porsche SE holds the majority of the ordinary shares in Volkswagen Aktiengesellschaft, Wolfsburg ("Volkswagen AG", "Volkswagen" or "VW"), one of the leading automobile manufacturers in the world. It also holds a direct interest in Dr. Ing.

h.c. F. Porsche AG, Stuttgart ("Porsche AG"). These long-term investments in Volkswagen AG and Porsche AG form the core investments category. In the portfolio investments category, the Porsche SE Group also holds non-controlling interests in more than ten technology companies based in North America, Europe and Israel. Investments in private equity and venture capital funds are also allocated to this category. Portfolio investments are generally held for a temporary period of time and are typically characterized by their high potential for growth and for increasing value during the holding period.

Porsche SE, as the parent of the Porsche SE Group, is a European Company (Societas Europaea) and is headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. As of 30 June 2025, the Porsche SE Group had 50 employees (48 employees).

The Porsche SE Group is made up of the fully consolidated subsidiaries Porsche Beteiligung GmbH, Stuttgart, Porsche Zweite Beteiligung GmbH, Stuttgart, Porsche Dritte Beteiligung GmbH, Stuttgart, Porsche Vierte Beteiligung GmbH, Stuttgart, Porsche Fünfte Beteiligung GmbH, Stuttgart, and Porsche Sechste Beteiligung GmbH, Stuttgart. The investments in Volkswagen AG, Porsche AG, European Transport Solutions S.à r.l., Luxembourg, Luxembourg ("ETS"), INRIX Inc., Kirkland, Washington, USA ("INRIX"), Isar

Aerospace SE, Ottobrunn ("Isar Aerospace"), as well as Incharge Capital Partners GmbH, Hamburg ("Incharge Capital Partners"), Incharge Team I SCSp, Luxembourg, Luxembourg, and Incharge Fund I SCSp SICAV-RAIF, Luxembourg, Luxembourg ("Incharge Fund I"), are included in Porsche SE's IFRS consolidated financial statements as associates.

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Significant events and developments

Significant events and developments at the Porsche SE Group

Significant developments with regard to the investment in Volkswagen AG accounted for at equity

Due to its share in capital of Volkswagen AG, Porsche SE is significantly influenced by the developments at the level of the Volkswagen Group.

The group result after tax, hybrid capital investors and non-controlling interests of the Volkswagen Group decreased to €4.0 billion in the first half of the fiscal year 2025 compared to €6.3 billion in the prior-year period. For details on the development in the result at the Volkswagen Group, please refer to the chapter "Business development" and the section "Results of operations of the Volkswagen Group".

As of 30 June 2025, Porsche SE performed an impairment test for the carrying amount of the investment in Volkswagen AG accounted for at equity. The value in use was determined to be

€32.7 billion (€33.0 billion), €0.3 billion lower than as of 31 December 2024. As the carrying amount of the investment initially decreased by €0.3 billion in the first half of the fiscal year 2025 due to the application of the equity method, there was income from a reversal of an impairment of €0.1 billion as of 30 June 2025. At €14.7 billion, the market value of the investment calculated on the basis of stock market prices remains below its carrying amount.

For information on the impairment test, reference is made to note [4] of the condensed consolidated interim financial statements in this half-yearly financial report.

In particular, sustained declines in earnings may continue to have a significant impact on the recoverability of the carrying amount of the investment and thus on the result of Porsche SE. This may also have consequences for the dividend policy of Volkswagen AG and therefore for the cash inflows at the level of Porsche SE. For information on the risks in connection with the investment in Volkswagen AG, please refer to the explanations in the chapter "Opportunities and risks of future development" as well as the explanations in the combined group management report of Porsche SE for the fiscal year 2024.

On 16 May 2025, the annual general meeting of Volkswagen AG resolved to distribute a dividend for the fiscal year 2024 of €6.30 per ordinary share and

€6.36 per preference share. The shares of Volkswagen AG held by Porsche SE thus entitle the latter to a dividend of €1.0 billion. The dividend of

€0.7 billion after deduction of capital gains tax was paid out on 21 May 2025. As the capital gains tax of

€0.3 billion is expected to be refunded in subsequent years, an income tax receivable was recognized in the corresponding amount as of 30 June 2025.

The development of the carrying amount of the investment in Volkswagen AG accounted for at equity is presented below. For further information, reference is made to the sections "Results of operations of the Porsche SE Group" and "Net assets of the Porsche SE Group".

Continuation of carrying amount accounted for at equity Volkswagen AG

(in € million)

1,155 - 488 32,958 - 1,009

- 287

32,671 55

Carrying amount	Dividend	Ongoing	Other	Impairment	Carrying amount	Change of
accounted for		at-equity result	comprehensive	(P&L)	accounted for	value in use
at equity		(P&L)	income/ Effects		at equity
Volkswagen AG			directly recorded		Volkswagen AG
as of			in equity		as of 30 June 25
31 December 24					(= value in use)
(= value in use)

Changes in carrying amount through P&L

Significant developments with regard to the investment in Porsche AG accounted for at equity

Due to its share in capital of Porsche AG, Porsche SE is also influenced by the developments at the level of the Porsche AG Group.

The group result after tax and non-controlling interests of the Porsche AG Group decreased to

€0.7 billion in the first half of the fiscal year 2025 compared to €2.2 billion in the prior-year period. For details on the development in the result at the Porsche AG Group, see section "Results of operations of the Porsche AG Group".

As of 30 June 2025, Porsche SE performed an impairment test for the carrying amount of the investment in Porsche AG accounted for at equity. The value in use was determined to be €6.4 billion (€7.2 billion), €0.8 billion lower than as of

31 December 2024. As the application of the equity method in the first half of the fiscal year 2025 initially did not have a material impact on the carrying amount of the investment, there was an impairment loss of €0.8 billion as of 30 June 2025. The market value of the nvestment, calculated on the basis of the stock price of the preference shares plus an ordinary share premium of 7.5% derived from the acquisition of the investment, is €5.1 billion and below its carrying amount. For information on

the impairment test, reference is made to note [4] of the condensed consolidated interim financial statements in this half-yearly financial report.

In particular, sustained declines in earnings may continue to have an impact on the recoverability of the carrying amount of the investment and thus on the result of Porsche SE. This may also have consequences for the dividend policy of Porsche AG and therefore for the cash inflows at the level of Porsche SE. For information on the risks in connection with the investment in Porsche AG, please refer to the explanations in the chapter "Opportunities and risks of future development" as well as the explanations in the combined group management report for the fiscal year 2024.

On 21 May 2025, the annual general meeting of Porsche AG resolved to distribute a dividend for the fiscal year 2024 of €2.30 per ordinary share and

€2.31 per preference share. The ordinary shares of Porsche AG held by Porsche SE thus entitle the latter to a dividend of €262 million. The dividend was paid out on 26 May 2025 without deduction of capital gains tax.

The development of the carrying amount of the investment in Porsche AG accounted for at equity is presented below. For further information, reference is made to the sections "Results of operations of the Porsche SE Group" and "Net assets of the Porsche SE Group".

Continuation of carrying amount accounted for at equity Porsche AG

(in € million)

7,180 - 262 176 - 827

- 823

89 6,357

Carrying amount	Dividend	Ongoing	Other	Impairment	Carrying amount	Change of
accounted for		at-equity result	comprehensive	(P&L)	accounted for	value in use
at equity		(P&L)	income/ Effects		at equity
Porsche AG			directly recorded		Porsche AG
as of			in equity		as of 30 June 25
31 December 24					(= value in use)
(= value in use)

Changes in carrying amount through P&L

Annual general meeting

Porsche SE held its annual general meeting virtually on 23 May 2025. The shareholders resolved to distribute a dividend of €1.910 per preference share and €1.904 per ordinary share for the fiscal year 2024. This is equivalent to a total distribution of

€584 million. The dividend was paid out on 28 May 2025.

The members of the board of management and those of the supervisory board holding office in the fiscal year 2024 were exonerated. In addition, the shareholders approved the proposed resolutions, among others, regarding the authorization to acquire treasury preference shares amounting to up to 5% of the share capital and the creation of authorized capital amounting to 20% of the share capital. These anticipatory resolutions each provide for a five-year authorization period.

Refinancing

Porsche SE has successfully placed a further Schuldschein loan with a volume of €1.5 billion, which will be paid out in the third quarter of 2025.

The Schuldschein comprises tranches with terms of three, five and seven years, which are subject to

variable interest. There are also five- and seven-year tranches subject to fixed interest. Of the total volume, €0.2 billion is subject to a term of three years, €1.2 billion to a term of five years and

€0.1 billion to a term of seven years.

In July 2025, Porsche SE repaid the remaining bank loans of €1.2 billion in full. These loans had an original term until September 2027 and had been taken out to acquire the ordinary shares of Porsche AG in 2022. In addition, the Schuldschein tranche from 2023 with a three-year term and variable interest rate of €0.9 billion will be repaid prematurely

in the third quarter of 2025. This will have the overall effect of significantly extending and further balancing the maturity profile of Porsche SE. The maturity profile expected after refinancing is shown below.

Expected maturity profile as of the end of Q3 2025

(Nominal volume in € billion)

2025

2026

2027 2028 2029

2030

2031

2032

2033

Repayments in Q3 2025 Schuldschein loan (2025) Schuldschein loan (2023) Bonds

Significant developments and current status relating to litigation risks and legal disputes

Porsche SE is involved in various legal proceedings. The current status relating to litigation risks and legal disputes is presented below. There have not, however, been any significant changes compared to 31 December 2024. Porsche SE continues not to have reliable findings or assessments that would lead to a different evaluation of the legal risks compared to the annual report 2024.

Legal proceedings and legal risks in connection with the increase of the investment in Volkswagen AG

A model case according to the Capital Markets Model Case Act ("KapMuG") against Porsche SE initiated by an order of reference of the Regional

Court of Hanover dated 13 April 2016 was pending with the Higher Regional Court of Celle. Subject of those actions were alleged damage claims based on alleged market manipulation and alleged inaccurate capital market information in connection with Porsche SE's increase of the investment in Volkswagen AG. In part these claims were also based on alleged violations of antitrust regulations. In the six initial proceedings suspended with reference to the model case, a total of 40 plaintiffs are asserting alleged claims for damages of about

€5.4 billion (plus interest). By decision of

30 September 2022, all of the establishment objectives requested by the plaintiffs were dismissed or declared groundless by the Higher Regional Court of Celle. The Higher Regional Court of Celle substantiates its decision on the opinion that Porsche SE cannot be deemed liable under any legal aspect and that the opposed pleading of the plaintiffs is inconclusive. With this decision,

Porsche SE considers its legal position justified that the claims asserted in the suspended initial proceedings are without merit. The decision of the Higher Regional Court of Celle is not yet final. The plaintiffs filed an appeal on points of law against the decision with the Federal Court of Justice.

In a proceeding pending before the Regional Court of Frankfurt against an incumbent and a former, meanwhile deceased, member of the supervisory board of Porsche SE, Porsche SE joined as intervener in support of the defendants. In this proceeding the same alleged claims are asserted that are already subject of an action currently suspended with regard to the KapMuG-proceedings now before the Federal Court of Justice with alleged damages of about €1.8 billion (plus interest) pending against Porsche SE before the Regional Court of Hanover. No new developments occurred in this proceeding during the reporting period. Porsche SE considers these claims to be without merit and sees itself justified in this legal position by the decision of the Higher Regional Court of Celle of 30 September 2022.

Since 2012, Porsche SE and two companies of an investment fund have been in dispute over the existence of alleged claims in the amount of about US$195 million and have filed lawsuits in Germany and England respectively. On 6 March 2013, the English proceedings were suspended at the request of both parties until a decision had been reached in the proceedings commenced in the Regional Court of Stuttgart concerning the question of which court is the court first seized. On 19 September 2024, the Higher Regional Court of Stuttgart issued a final decision that the Regional Court of Stuttgart is the court first seized. An objection against this decision by the opposing parties claiming a violation of their right to be given an effective and fair legal hearing has been dismissed by the Higher Regional Court of Stuttgart on 29 October 2024. The Regional Court

of Stuttgart will now hear Porsche SE's claim for a negative declaratory judgement. Porsche SE considers the claim for a negative declaratory judgement to be admissible and with merit and the action filed in England to be inadmissible and the asserted claims to be without merit.

Legal proceedings and legal risks in connection with the diesel issue

In connection with the diesel issue, Porsche SE is a model case defendant in two KapMuG proceedings. The starting point of both KapMuG proceedings are legal disputes against Porsche SE, which are predominantly pending at the Regional Court and Higher Regional Court of Stuttgart and to a lesser extent at the Regional Court of Braunschweig ("initial proceedings"). The total value involved in the initial proceedings against Porsche SE (according to the current assessment of the partially unclear head of claims) amounts to approximately €927 million (plus interest). In addition, some of the initial proceedings aim for establishment of liability for damages. The plaintiffs accuse Porsche SE of alleged nonfeasance of capital market information or alleged incorrect capital market information in connection with the diesel issue. Some of the initial proceedings are directed against both Porsche SE and Volkswagen AG. Porsche SE considers the initial proceedings to be inadmissible in part, but in any case to be without merit.

A substantial part of the initial proceedings pending against Porsche SE, with a total value of approximately €91.4 million, are currently suspended, with the majority of the suspended initial proceedings being suspended with reference to a KapMuG proceeding currently pending before the Federal Court of Justice. Initial proceedings in the first instance amounting to approximately

€701 million and in the second instance amounting

to approximately €135 million are currently not suspended. Regardless of the outcome of the KapMuG proceedings, Porsche SE is of the opinion that these proceedings should be dismissed for plaintiff-specific reasons. For these reasons, the initial proceedings pending in the second instance, insofar as they are not suspended, were dismissed in the first instance. Furthermore, lawsuits amounting to approximately €160 million have already been withdrawn or finally dismissed.

One of the KapMuG proceedings against Porsche SE was pending before the Higher Regional Court of Stuttgart. In a model case ruling of 29 March 2023, the Higher Regional Court of Stuttgart found among other things that, in principle, an ad-hoc disclosure obligation of Porsche SE can also exist with respect to circumstances at Volkswagen AG. A requirement for any ad-hoc disclosure obligation is that a member of the board of management of Porsche SE must either be aware of the alleged insider information or the board of management of Porsche SE must have breached an obligation to ensure that insider information can reach the board of management. The Higher Regional Court of Stuttgart also ruled that any knowledge of confidential circumstances at Volkswagen AG of board members of Volkswagen AG who are also members of the board of management of Porsche SE cannot be attributed to Porsche SE. In addition, the Higher Regional Court of Stuttgart ruled that any knowledge of circumstances at Volkswagen AG on the level below the board of management of Volkswagen AG cannot be attributed to Porsche SE. Finally, the Higher Regional Court of Stuttgart ruled that the members of the board of management of Porsche SE at the time, Dr. Wendelin Wiedeking and Holger P. Härter, had no knowledge of the diesel issue and such missing knowledge was also not based on gross negligence on their side. The establishment objectives sought by the plaintiffs against Porsche SE were therefore overwhelmingly

not made by the Higher Regional Court of Stuttgart. On the basis of the establishment objectives made in the model case ruling and the current status of the matter in dispute in the initial proceedings, all investor claims against Porsche SE in the suspended initial proceedings would, as a result, have to be dismissed. The model case ruling is not yet final. The model case plaintiff, several plaintiffs and Porsche SE have filed an appeal on points of law against the model case ruling to the Federal Court of Justice.

The second KapMuG proceeding is pending before the Higher Regional Court of Braunschweig. In this proceeding, no establishment objectives against Porsche SE have been admitted yet. On 7 July 2023 the Higher Regional Court of Braunschweig issued an order to take evidence. The requested gathering of evidence focuses initially on the question whether or not Volkswagen AG's board of management, individual members thereof and/or members of its ad-hoc clearing committee had knowledge of the installation of switch functions in Volkswagen AG vehicles that are inadmissible pursuant to US law.

Furthermore, evidence will be gathered on expectations of the persons responsible for ad-hoc publications within Volkswagen AG regarding possible effects on the share price resulting from the information available to each of them. Witness hearings have been taking place in this legal proceeding since autumn of 2023.

During the reporting period, no significant new developments occurred with regard to claims asserted out of court and not yet brought to court against Porsche SE with a total amount of approximately €63 million and in some cases without defined amounts as well as with regard to the waiver of the statute of limitations defense granted by Porsche SE to the United States of America for alleged claims for damages.

In connection with the diesel issue, in April 2021, two plaintiffs filed a derivative action against Porsche SE, current and former members of the management and supervisory boards of Volkswagen AG, current and former executives of Volkswagen AG and its subsidiaries, four Volkswagen AG subsidiaries and others in the Supreme Court of the State of New York, County of New York. The plaintiffs claim to be shareholders of Volkswagen AG and allege claims of Volkswagen AG on its behalf. The action is based, inter alia, on an alleged violation of duties vis-à-vis Volkswagen AG pursuant to the AktG ["Aktiengesetz": German Stock Corporation Act] and New York law. The plaintiffs request, inter alia, a declaration that the defendants have breached their respective duties vis-à-vis Volkswagen AG, and an award to Volkswagen AG as compensation for the alleged damages it sustained as a result of the alleged violation of duties, plus interest. In September 2021, the parties filed a stipulation, which was subject to court approval, accepting service on behalf of certain defendants including Porsche SE, staying all discovery and setting a motion to dismiss briefing schedule. The stipulation was never entered by the court and instead the plaintiffs filed an amended complaint on 1 July 2025. After defendants returned the amended complaint to the plaintiffs identifying the defects as to form, the plaintiffs filed a further amended complaint on 22 July 2025. Certain defendants, including Porsche SE, will file a motion to dismiss, which will be fully briefed by 7 October 2025.

Significant events and developments at the Volkswagen Group

Restructuring in the Volkswagen Group

In the first half of fiscal year 2025, the Volkswagen Group recognized restructuring costs of €1.0 billion. They are primarily attributable to AUDI AG, CARIAD SE and Volkswagen Sachsen GmbH. They were offset in this context by income of €0.3 billion from the reversal of personnel-related provisions at

AUDI AG.

Effects of the increased import duties imposed by the USA

The US government introduced additional tariffs of 25% on vehicles on 3 April 2025 and additional tariffs in the same amount on vehicle parts on

3 May 2025. The tariffs thus amount to 27.5% in total. In addition to the increased tariffs on vehicles and vehicle parts sold, the Volkswagen Group's operating result was also weighed down by impairment losses for the measurement of vehicle inventories at net realizable value, as well as by higher provisions required for warranty obligations. In total, the additional tariffs imposed by the USA resulted in a reduction in the Volkswagen Group's operating result of around €1.3 billion in the first half of 2025.

CO2 fleet regulation

In the first quarter of the fiscal year 2025, the Volkswagen Group recognized expenses of

€0.6 billion for Europe for provisions in connection with the CO2 fleet regulation.

Following the approval of amended regulations in the EU in the second quarter of 2025, these expenses decreased to €0.3 billion in the reporting period. In addition, expenses were incurred for recognizing provisions for emissions obligations in the USA in an amount of €0.3 billion at the level of the Volkswagen Group. The measurement of the provisions for the US business is based on the US regulations valid on 30 June 2025 and does not yet take account of the legislative changes resulting from the "One Big Beautiful Bill Act" of 4 July 2025. The final impact of the "One Big Beautiful Bill Act" on emissions obligations for the US market is currently being analyzed by the Volkswagen Group. At present, this is expected to have a positive effect on the Volkswagen Group's operating result in the low to mid three-digit million euro range.

Rivian

In June 2025, as part of the cooperation with the US electric vehicle manufacturer Rivian Automotive, Inc., Irvine, USA ("Rivian"), Volkswagen invested a further US$1 billion in ordinary shares of Rivian on the basis of the agreement entered into in the prior year. As a result, Volkswagen's interest in Rivian has risen to 12.3%. The purchase price is based on a defined average market price for the ordinary shares of Rivian plus a premium. The investment in Rivian is measured at fair value at the level of the Volkswagen Group with changes in value recognized in other comprehensive income.

Placement of TRATON SE shares

In March 2025, Volkswagen completed the placement of 11 million shares in TRATON SE, Munich (TRATON SE) at a price of €32.75 per share with a total value of €0.4 billion via its subsidiary Volkswagen International Luxembourg S.A., Strassen, Luxembourg. The placement corresponds to an interest of 2.2% in TRATON SE's share capital and reduces the Volkswagen Group's direct interest in TRATON SE from 89.7% to 87.5%. In connection with the transaction, Volkswagen made known its intention to alter its shareholding to 75% plus one share in the medium term.

Northvolt AB

The Swedish company Northvolt AB, Stockholm/Sweden ("Northvolt"), in which the Volkswagen Group holds an equity investment, filed for bankruptcy in Sweden on 12 March 2025. As a result, inclusion of the investment in Volkswagen's consolidated financial statements using the equity method ended as of 31 March 2025. This resulted in a non-cash loss of €0.1 billion at the level of the Volkswagen Group. The loss is primarily the result of realizing currency translation effects, which had previously been recognized in other comprehensive income. The carrying amount of the investment had already been written down in full at the level of the Volkswagen Group in the fiscal year 2024.

Diesel issue

On 18 September 2015, the US Environmental Protection Agency ("EPA") publicly announced in a notice of violation that irregularities in relation to nitrogen oxide (NOx) emissions had been discovered in emissions tests on certain Volkswagen Group vehicles with 2.0 l diesel engines in the USA. This was followed by further reports on the scope of the

diesel issue. Further explanations can be found in the section "Significant events and developments at the Volkswagen Group" in the combined group management report of Porsche SE for the fiscal year 2024. Expenses of €0.2 billion were recognized in connection with the diesel issue in the first half of the fiscal year 2025 at the level of the Volkswagen Group.

Business development

The business development of the Porsche SE Group is largely shaped by its core investments, in particular the investment in Volkswagen AG. The following statements therefore mainly take into consideration factors influencing operating developments in the passenger cars and light commercial vehicles, commercial vehicles and financial services business areas at the Volkswagen Group, which include the development of the Porsche AG Group. Developments relating to the portfolio investments in the reporting period are also presented. In addition, reference is made to the section "Significant events and developments at the Porsche SE Group", in particular with regard to the development of the actions pending.

General economic development

The global economy as a whole remained on a growth path in the first half of 2025, showing momentum on a par with the year before. In comparison, the group of emerging markets recorded a somewhat stronger increase in the growth rate, while growth in the advanced economies tapered off slightly overall. Geopolitical uncertainty, particularly precipitated by US trade policy, dampened sentiment among market participants and counteracted the effects of declining inflation rates in many countries and a loosening of monetary policy.

Business development with regard to the core investments

Trends in the markets for passenger cars and light commercial vehicles

From January to June 2025, the volume of the global passenger car market was up slightly on the prior-year figure, with varying performance in the individual regions. While market volumes in Western Europe and Central and Eastern Europe fell, North America, South America, Asia-Pacific, Africa and the Middle East developed favorably. The market for all-electric vehicles ("BEVs") increased strongly compared with the prior-year period, with its share of the underlying market volume rising to 14.6% (12.0%).

The global volume of new registrations of light commercial vehicles between January and June 2025 was in the range of the prior year.

Trends in the markets for commercial vehicles

In the markets that are relevant for the Volkswagen Group, demand for mid-sized and heavy trucks with a gross weight of more than six tonnes was noticeably lower in the reporting period than in the same period of the prior year. Global truck markets fell slightly short of the prior-year level, with the declines in Europe and North America being compensated by growth in South America and China only to a limited extent.

In the first six months of 2025, demand in the bus markets that are relevant for the Volkswagen Group was slightly up on the same period of the prior year.

Trends in the markets for financial services

There were high levels of demand for automotive financial services of the Volkswagen Group in the first half of 2025. Europe's passenger car market volume in the reporting period was down slightly year on year. Sales of financial services products exceeded the prior-year figure. A positive trend was also observed in the sale of after-sales products such as servicing, maintenance and spare parts agreements.

The financial services business for commercial vehicles was slightly up on the prior-year level in the first half of 2025.

Volkswagen Group deliveries

The Volkswagen Group delivered 4.4 million vehicles to customers worldwide in the first half of 2025. This was 1.3% or 57 thousand units more than in the same period of the prior year. While passenger car and light commercial vehicle deliveries exceeded the prior-year level, the group's commercial vehicle sales were down on the prior year.

Deliveries of electrified vehicles from the Volkswagen Group developed very encouragingly: the Volkswagen Group handed over 465 thousand all-electric vehicles (including heavy commercial vehicles) to customers worldwide in the first six months of this year. This was 148 thousand units or 46.7% more than in the same period of the prior year. The share of the group's total deliveries rose to 10.6% (7.3%). A total of 192 thousand of its plug-in

hybrid models were delivered (up 40.6%). As a result, the number of electrified vehicles sold rose by a total of 44.9%; their share of total group deliveries increased year on year to 14.9% (10.4%).

In the first six months of 2025, sales of Volkswagen Group passenger cars and light commercial vehicles worldwide were in the range of the prior year at 4.3 million units (up 1.5%) in a challenging market. While Volkswagen Passenger Cars, Škoda, SEAT/CUPRA and Lamborghini increased vehicle deliveries, Volkswagen Commercial Vehicles, Audi, Bentley and Porsche did not reach their respective prior-year figures. At a regional level, Volkswagen saw demand rise for passenger cars and light commercial vehicles from the Volkswagen Group in all regions except for North America and Asia-Pacific.

In an overall global market that saw slight growth, Volkswagen achieved a passenger car market share of 10.3% (10.5%). The Volkswagen Group's BEV market share in the markets assessed was 7.6% (6.7%).

From January to June 2025, the Volkswagen Group delivered 4.4% fewer commercial vehicles to customers worldwide than in the prior year.

Volkswagen handed over a total of 153 thousand commercial vehicles to customers.

Volkswagen Group deliveries from 1 January to 30 June1
	2025	2024	Change
Regions			%
Europe/Other markets	2,170,381	2,107,945	3.0
North America	461,904	495,164	-6.7
South America	302,087	255,337	18.3
Asia-Pacific	1,470,944	1,489,639	-1.3
Worldwide	4,405,316	4,348,085	1.3
by brands
Volkswagen passenger cars	2,320,256	2,220,339	4.5
Škoda	509,401	448,599	13.6
SEAT/CUPRA	302,583	297,418	1.7
Volkswagen commercial vehicles	179,460	221,682	-19.0
Audi	783,531	832,957	-5.9
Lamborghini	5,681	5,558	2.2
Bentley	4,876	5,476	-11.0
Porsche	146,391	155,945	-6.1
Total passenger cars and light commercial vehicles	4,252,179	4,187,974	1.5
Scania	46,839	52,268	-10.4
MAN	47,024	49,151	-4.3
International	34,511	35,312	-2.3
Volkswagen Truck & Bus	24,763	23,380	5.9
Total commercial vehicles	153,137	160,111	-4.4

1

The figures include the equity-accounted Chinese joint ventures. Prior-year deliveries have been updated to reflect subsequent statistical

trends.

Volkswagen Group financial services

There was high demand for the products and services of the Volkswagen Group's financial services division in the first half of 2025. The number of new financing, leasing, service and insurance contracts signed worldwide amounted to

5.5 million (5.5 million) contracts. The ratio of leased and financed vehicles to Volkswagen Group deliveries (penetration rate) increased to 35.9% (34.8%) in the financial services division's markets in the reporting period. The total number of contracts stood at 29.1 million (28.5 million) on

30 June 2025.

Sales, production and inventories at the Volkswagen Group

In the reporting period, the Volkswagen Group's unit sales defined as the automotive division's unit sales increased by 0.5% to 4.4 million units (including the equity-accounted companies in China) compared with the first half of 2024. Unit sales outside Germany were up by 0.5% to 3.8 million vehicles. Argentina, Brazil and India, in particular, recorded an increase. In contrast, fewer vehicles were sold above all in the USA. The Volkswagen Group's unit sales excluding the equity-accounted companies in China amounted to 3.1 million (3.1 million) vehicles and were up by 1.5% on the prior year. Unit sales in Germany increased by 0.3% compared with the prior-year figure. The proportion of the Volkswagen Group's total unit sales attributable to Germany remained at the prior-year level of 13.8% (13.8%).

At 4.5 million vehicles, the Volkswagen Group's global production defined as the automotive division's production from January to June 2025 (including the equity-accounted companies in China) was down by 1.9% on the corresponding prior-year period. In contrast, production in Germany rose by 6.2% to 1.0 million vehicles. The share of vehicles manufactured in Germany in relation to the Volkswagen Group's total production increased to 21.3% (19.6%). The production excluding the

equity-accounted companies in China totaled

3.3 million (3.3 million) vehicles, 0.7% lower than the prior-year figure.

Global inventories of new vehicles (including the equity-accounted companies in China) at Volkswagen Group companies and in the dealer organization1were significantly higher at the end of the first half of 2025 than at year-end 2024, but noticeably below the figure as of 30 June 2024.

1The dealer organization comprises all VW Group external dealer companies that are supplied by the Volkswagen Group.

Business development with regard to the portfolio investments

The global M&A market is characterized by a decline in the number of M&A transactions in the first half of 2025. The decline is a clear indicator of the generally difficult M&A environment, partly due to considerable political uncertainty and volatile financial markets. In particular, the uncertainties regarding tariffs in the USA led to potential transactions being terminated or reviewed. At the same time, an increase in transaction volume of more than 25% was recorded in the first half of 2025 compared to the prior-year period. Among other things, a significant increase in transactions with volumes of more than €10 billion led to an increase in the total value of M&A transactions.

Despite the ongoing geopolitical instability, existing trade conflicts and continued high interest rates, the leading share indices (e.g., S&P 500 & Nasdaq) recorded record index levels.

The global venture capital market was dominated by investments in the field of artificial intelligence in the first half of 2025. Around 70% of investments went to AI start-ups, while investors in other sectors were much more cautious. Overall, there were fewer financing rounds in the first half of 2025 but these were characterized by a higher volume.

In the first half of the fiscal year 2025, Porsche SE concluded follow-up investments in existing portfolio companies, including Celestial AI Inc., Santa Clara, USA, and Quantum-Systems GmbH, Gilching. In addition, investments were made in connection with called-up capital at fund investments in the DTCP Growth Equity III fund, Incharge Fund I and EQT Future Fund.

Against the backdrop of a changing geopolitical situation and growing security policy requirements, Porsche SE also sees development potential in the defense and security sector and would like to capitalize on this. In this context, the board of management of Porsche SE plans to increase its involvement in the defense and security sector in the future while maintaining its core focus on mobility and industrial technology.

Results of operations, financial position and net assets

In the following explanations, the significant results of operations as well as the financial position and net assets of the Porsche SE Group are presented for the first six months of the fiscal year 2025 and as of 30 June 2025. While the prior-year figures for the results of operations relate to the period from

1 January to 30 June 2024, the financial position and net assets use figures as of 31 December 2024 as comparative figures.

Based on its investment strategy, the Porsche SE Group differentiates between the two segments "core investments" and "portfolio investments". Porsche SE's holding operations, comprising Porsche SE's corporate functions, including the holding financing function, are all allocated to the "core investments" for the purpose of managing resources. Transactions between the segments, i.e., in particular intragroup financing transactions, are not managed separately and are therefore eliminated so that consolidated figures are always used for management purposes.

At the level of the Volkswagen Group, it was found during the prior year that obligations for granting fringe benefits had not been included in full when determining the provision for time credits. The error was corrected in the consolidated financial statements of Volkswagen AG for the fiscal year 2024 in accordance with IAS 8 by adjusting the affected items accordingly in the consolidated financial statements for the prior years. As a result of applying the equity method to the investment in Volkswagen AG for the consolidated financial statements of Porsche SE, the restatement pursuant to IAS 8 at the level of the Volkswagen Group also had an indirect impact on Porsche SE's

consolidated financial statements for the fiscal year 2024. The prior-year figures were also adjusted accordingly in the consolidated financial statements of Porsche SE for the fiscal year 2024. These effects are quantified in the section "Changes to the prior-year period" in note [1] of the consolidated financial statements of Porsche SE as of 31 December 2024. The adjustment has no material impact on the consolidated income statement or the consolidated statement of comprehensive income. The comparative period has been adjusted accordingly in the consolidated interim financial statements as of 30 June 2025.

Results of operations of the Porsche SE Group

The adjusted result after tax of the Porsche SE Group (see the definition in the glossary) amounted to €1,110 million (€2,112 million) in the first half of the fiscal year 2025. Of the adjusted result after tax,

€1,081 million (€2,110 million) relates to the core investments segment and €29 million (€2 million) to the portfolio investments segment.

The result after tax of the Porsche SE Group came to €338 million (€2,112 million) in the first half of the fiscal year 2025. In the reporting period, the group result after tax largely contained a non-cash effective reversal of an impairment on the carrying amount of the investment in Volkswagen AG amounting to €55 million and a non-cash effective impairment loss on the carrying amount of the investment in Porsche AG amounting to minus

€827 million (see also section "Significant events and developments at the Porsche SE Group"). The result from impairment tests and remeasurements did not result in any significant effects from deferred taxes.

To determine the adjusted group result after tax,

Adjusted group result after tax 1st half of 2025

in € million

Group result after tax 338

Result from impairment

tests and remeasurements

772

Deferred taxes attributable

to impairment tests and remeasurements

0

Adjusted group result after tax 1,110

the group result after tax is adjusted for the result of impairment tests and remeasurements on the core investments and the deferred taxes attributable to them.

Porsche AG totaling €179 million (minus €26 million) relate in particular to effects from the measurement of cash flow hedges under hedge accounting amounting to €156 million (minus €63 million) after taking deferred taxes into account. Other comprehensive income does not contain any significant effects from issues at the level of Porsche SE.

with regard to the core investments

Other comprehensive income of the Porsche SE Group of minus €184 million (€641 million) mainly contains effects resulting from the investment in Volkswagen AG accounted for at equity totaling minus €379 million (€649 million) after taking deferred taxes into account. These relate in particular to effects from currency translation amounting to minus €1,211 million (€198 million) and, conversely, actuarial gains from the remeasurement of pension provisions amounting to

€820 million (€454 million) after taking deferred taxes into account in each case. Effects resulting from the at-equity accounting of the investment in

Consolidated income statement of Porsche SE by segment

	Core	Portfolio	Group	Impairments	Group	Group
	investments	investments	1st half of 2025	and reversal of impairments	1st half of 2025	1st half of 20241,2
€ million			adjusted	of core investments
Result from investments
accounted for at equity	1,244	-7	1,238	-772	466	2,251
Result from ongoing at equity
accounting	1,244	-7	1,237		1,237	2,251
thereof Volkswagen AG	1,155		1,155		1,155	1,971
thereof Porsche AG	89		89		89	278
thereof portfolio investments		-7	-7		-7	2
Result from impairment tests and
remeasurements		1	1	-772	-771
thereof Volkswagen AG				55	55
thereof Porsche AG				-827	-827
thereof portfolio investments		1	1		1	0
Income from investment valuation		43	43		43	9
Expenses from investment valuation		-6	-6		-6	-8
(Adjusted) Investment result	1,244	31	1,275	-772	503	2,252
Other operating income	0	0	0		0	0
Personnel expenses	-9		-9		-9	-8
Amortization and depreciation	0		0		0	0
Other operating expenses	-9	0	-10		-10	-8
(Adjusted) Result before
financial result	1,226	30	1,256	-772	484	2,235
Financial result	-132		-132		-132	-124
(Adjusted) Result before tax	1,094	30	1,125	-772	353	2,111
Income tax	-13	-1	-15	0	-15	1
(Adjusted) Result after tax	1,081	29	1,110	-772	338	2,112
Other comprehensive income after tax	-183	-1	-184		-184	641
(Adjusted) Other
comprehensive income	898	28	926	-772	154	2,753

1The adjusted result after tax of the Porsche SE Group for the first half of 2024 corresponds to the group result after tax for the first half of 2024.

2The prior-year figures were adjusted due to a prior-year correction in accordance with IAS 8 at the level of the Volkswagen Group (see note [1] of the notes to the consolidated financial statements for the fiscal year 2024).

The adjusted result after tax in the core investments segment was significantly influenced by the result from the investment in Volkswagen accounted for at equity of €1,155 million (€1,971 million). This contains profit contributions from ongoing at equity accounting before purchase price allocations of

€1,277 million (€2,015 million) as well as subsequent effects from purchase price allocations of minus €122 million (minus €44 million). Of these, minus €108 million (minus €25 million) relate to impairment losses on amortized hidden reserves as a result of impairment tests at the level of the Volkswagen Group in relation to investments of the Volkswagen Group accounted for at equity. With regard to the development of the result at the level of the Volkswagen Group, reference is made to the section "Results of operations of the Volkswagen Group".

The result from the investment in Porsche AG accounted for at equity, the second core investment, amounted to €89 million (€278 million) in the reporting period. This contains profit contributions from ongoing at equity accounting before purchase price allocation of €90 million (€268 million) as well as subsequent effects from the purchase price allocation of minus €1 million (€10 million). The latter contains effects from the subsequent measurement of the hidden reserves and liabilities identified of minus €19 million (minus €21 million) as well as offsetting effects from the subsequent accounting for other reserves (OCI) in connection with cash flow hedges of €18 million (€32 million). With regard to the development of the result at the level of the Porsche AG Group, reference is made to the section "Results of operations of the Porsche AG Group".

Other operating income, personnel expenses, amortization and depreciation, other operating expenses, the financial result and income tax of the core investments segment virtually match the amounts for the group as a whole.

The financial result of minus €132 million (minus

€124 million) contains interest expenses and other finance costs totaling minus €159 million (minus

€155 million), mainly from financing. This was partially offset by other financial result of €27 million (€31 million), which is largely attributable to interest income from fixed-term deposits.

The result after taxes of the portfolio investments segment of €29 million (€2 million) largely corresponds to its investment result and is related in particular to the remeasurement of portfolio investments on the basis of financing rounds.

Financial position of the Porsche SE Group

Net debt of the Porsche SE Group decreased to €4,938 million (€5,160 million) compared to 31 December 2024.

Group net debt as of 30 June 2025

in € million

Financial liabilities 7,619

Securities

- 851

Time deposits

- 455

Cash and cash equivalents

- 1,375

Group net debt 4,938

Cash inflow from operating activities amounted to

€906 million (€1,584 million) in the reporting period and largely contains the dividends received from the investment in Volkswagen AG totaling €743 million (€1,441 million) and in Porsche AG of €262 million (€262 million). The dividend payment was made by Volkswagen AG after deduction of capital gains tax of €0.3 billion. The capital gains tax is expected to be refunded in subsequent years. In the prior year, the dividend was paid out without deduction of capital gains tax. The dividend payment was made by Porsche AG without deduction of capital gains tax. The cash inflow from operating activities in the reporting period also includes interest income of

€32 million (€22 million), in particular from fixed-term deposits. This was offset by cash outflows in the first half of 2025 of €106 million (€123 million), primarily for interest paid including transaction costs in connection with financial liabilities. In addition, both the reporting and the comparative period mainly include cash outflows for expenses relating to holding business operations.

There was a cash outflow from investing activities of €632 million (€701 million) in the first six months

of the fiscal year 2025. This largely resulted from the change in investments in securities and time deposits of minus €589 million (€661 million). Cash outflow from investing activities also included cash payments for investments in portfolio investments, including called-up capital at fund investments, totaling €43 million (€40 million).

The cash outflow from financing activities resulted from the dividend payments made to the shareholders of Porsche SE of €584 million

(€783 million). In the comparative period, the cash inflow resulted primarily from proceeds of

€1,591 million from the issue of two bonds,

€600 million of which was used to partially repay existing bank loans.

Cash and cash equivalents decreased to

€1,375 million compared to 31 December 2024 (€1,686 million).

Interest rate risks associated with the group net debt are mitigated through the use of interest rate derivatives with a volume of €1,152 million (€2,002 million). In connection with the refinancing

(see section "Significant events and developments at the Porsche SE Group"), interest rate hedges with a nominal volume of €850 million were terminated prematurely. As a result, there will be cash outflows of €8 million in the third quarter of 2025.

Porsche SE has an undrawn credit line of

€1.0 billion with a term until 17 September 2027.

Net assets of the Porsche SE Group

Compared to 31 December 2024, the Porsche SE Group's total assets decreased by €0.5 billion to

€42.4 billion as of 30 June 2025.

The Porsche SE Group's non-current assets of

€39.4 billion (€40.4 billion) primarily relate to the core investments accounted for at equity. This relates in particular to the carrying amount of the investment in Volkswagen AG accounted for at equity, which saw a net decrease of €0.3 billion to

€32.7 billion. €1.0 billion of the decrease in the carrying amount is attributable to the dividend received in the fiscal year 2025. In addition, effects recognized in other comprehensive income or directly in equity led to a total decrease in the carrying amount of €0.5 billion. By contrast, the result from ongoing at equity accounting of

€1.2 billion and an income from a reversal of an impairment on the value in use as of 30 June 2025

of €0.1 million increased the carrying amount (see section "Significant events and developments at the Porsche SE Group" for information on the carrying amount continuation).

The market value of the shares in Volkswagen AG derived from the stock market prices amounted to

€14.7 billion as of 30 June 2025 (€14.7 billion).

The carrying amount of the core investment in Porsche AG accounted for at equity decreased to

€6.4 billion. Of the decrease in the carrying amount,

€0.8 billion is attributable to an impairment loss and

€0.3 billion to the dividend received in the fiscal year 2025. By contrast, the result from ongoing at equity accounting of €0.1 billion and effects recognized in other comprehensive income or directly in equity totaling €0.2 billion increased the carrying amount (see section "Significant events and developments at the Porsche SE Group" for information on the carrying amount continuation).

The market value of the investment in Porsche AG, calculated on the basis of the stock price of the preference shares plus an ordinary share premium of 7.5% derived from the acquisition of the investment, amounted to €5.1 billion as of 30 June 2025 (€7.2 billion).

Non-current other financial assets of €216 million (€150 million) almost exclusively comprise investments in portfolio companies measured at fair value.

Current assets of €3.0 billion (€2.4 billion) mainly consist of income tax receivables, cash and cash equivalents, time deposits and securities. The income tax receivables in the reporting period mainly result from the deduction of capital gains tax of €0.3 billion on the dividend payment by Volkswagen AG.

The equity of the Porsche SE Group decreased to a total of €34.6 billion as of 30 June 2025 due to the negative total comprehensive income (€35.1 billion). The equity ratio (percentage of total assets attributable to equity) of 81.6% (81.9%) decreased slightly compared to the end of the fiscal year 2024.

Non-current financial liabilities decreased from

€7.4 billion to €5.3 billion in the reporting period. The change resulted from the reclassification of Schuldschein loans with a volume of around

€1.0 billion to current financial liabilities and the early termination of the remaining bank loans with a volume of around €1.2 billion (see section "Significant events and developments at the Porsche SE Group"). Current financial liabilities increased accordingly from €0.1 billion to

€2.3 billion.

The net asset value of Porsche SE amounted to

€15.2 billion as of 30 June 2025 (€17.0 billion). The loan-to-value ratio stands at 24.5% as of the reporting date (23.3%). Both metrics are defined in the glossary.

Results of operations of the Volkswagen Group

The following statements relate to the original profit/loss figures of the Volkswagen Group in the first six months of the fiscal year 2025. It should be noted that the result of the Volkswagen Group, where it relates to the shareholders of

Volkswagen AG, is only reflected in the group result of Porsche SE in the course of at equity accounting.

Furthermore, effects from at equity accounting in

the consolidated financial statements of Porsche SE, particularly relating to the subsequent measurement

of the hidden reserves and liabilities identified in the course of the purchase price allocations, are not taken into consideration in the explanations below.

In the period from January to June 2025, the Volkswagen Group generated revenue of

€158.4 billion (€158.8 billion), which was on a level with the prior year. In particular the positive revenue performance of the financial services division had a beneficial effect. The Volkswagen Group generated 80.7% (80.1%) of its revenue outside Germany.

Gross profit (revenue less cost of sales) declined by

€2.9 billion to €26.4 billion because cost of sales rose faster than revenue. As a consequence, the gross margin (percentage of revenue attributable to gross profit in a period) declined to 16.7% (18.4%).

The Volkswagen Group's operating result amounted to €6.7 billion (€10.0 billion) in the first six months of 2025. The operating return on sales (ratio of the operating result to revenue) was at 4.2% (6.3%).

The decline compared with the prior year was due primarily to expenses resulting from the increases in import tariffs introduced in the United States at the beginning of April 2025, provisions in connection with CO2 fleet regulation in Europe and the USA, and litigation costs incurred in connection with the diesel issue. Exchange rate, mix and price effects, and rising expenses for the establishment of the Battery business field also weighed on the result of the Volkswagen Group. Expenses for restructuring measures were on a level with the prior year in the first half of 2025; they related mainly to AUDI AG, CARIAD SE and Volkswagen Sachsen GmbH.

The financial result was down on the prior year at minus €0.3 billion (€0.1 billion). The share of the result from investments accounted for at equity was up year on year. Adverse effects in connection with the equity investment in Northvolt affected both periods; these effects were higher in the prior year

than in the reporting period. Higher interest expenses and declining interest income weighed on the interest result of the Volkswagen Group.

In the reporting period, the Volkswagen Group's result before tax decreased by €3.7 billion to

€6.4 billion. At €4.5 billion, the result after tax of the Volkswagen Group declined by €2.8 billion on the prior year. The result after tax, hybrid capital and non-controlling interests of the Volkswagen Group decreased from €6.3 billion to €4.0 billion.

Results of operations of the Porsche AG Group

The following statements relate to the original profit/loss figures of the Porsche AG Group in the first six months of the fiscal year 2025. It should be noted that the group result of Porsche SE only reflects its capital share in the result of the Porsche AG Group - in addition to being included via the result of the Volkswagen Group - in the course of at equity accounting. Furthermore, effects from at equity accounting in the consolidated financial statements of Porsche SE, particularly relating to the subsequent measurement of the hidden reserves and liabilities identified in the course of the purchase price allocation, are not taken into consideration in the explanations below.

The Porsche AG Group generated revenue of

€18.2 billion in the first half of 2025. This is a decrease of 6.7% on the prior-year period

(€19.5 billion) and was largely due to lower vehicle sales of the group coupled with positive price effects. The increase in revenue in the financial services segment also had a positive impact on revenue of the Porsche AG Group.

Cost of sales of the Porsche AG Group increased by

€0.5 billion to €14.8 billion (€14.3 billion). At 81.5% (73.2%), the ratio to revenue was above the prior-year level. The main reasons were the higher cost of materials and higher development costs recognized in the income statement as well as special effects relating to battery activities, primarily driven by the Cellforce Group GmbH and US import tariffs. In addition to this, expenses from recognized CO2 provisions increased compared to the prior-year period.

At €3.4 billion (€5.2 billion), gross profit of the Porsche AG Group decreased accordingly by 35.4%, therefore resulting in a gross margin of 18.5% (26.8%).

Distribution expenses fell to €1.3 billion (€1.4 billion) compared to the prior-year and, in proportion to revenue, stood at 7.2% (7.1%). Administrative expenses increased by €26 million to €978 million, an increase in proportion to revenue of 5.4% (4.9%). The increase included expenses relating to adjustments to the corporate organization.

Net other operating result decreased by

€256 million to minus €69 million (€187 million).

Accordingly, the operating result of the Porsche AG Group decreased by €2.1 billion to €1.0 billion in the first half of 2025 (€3.1 billion). The operating return on sales of the Porsche AG Group stood at 5.5% (15.7%).

In the first six months of 2025, the financial result increased to €46 million (€33 million), mainly due to positive measurement effects in connection with financial instruments.

Due to the lower result before tax compared to the prior-year period, income tax also fell to

€335 million (€942 million). The tax rate for the Porsche AG Group was 31.8% at the end of the first half of 2025 (30.4%).

The result after tax of the Porsche AG Group decreased by €1.4 billion to €718 million in the current reporting period. The result after tax and non-controlling interests of the Porsche AG Group decreased from €2.2 billion to €724 million.

Opportunities and risks of future developments

Opportunities and risks of the Porsche SE Group

Regarding the risk areas and their risk assessments presented in the combined group management report for the fiscal year 2024, there were no significant changes in the first half of 2025.

Impairment tests were performed for the two core investments as of 30 June 2025, which resulted in a reversal of an impairment and an impairment loss (see section "Significant events and developments at the Porsche SE Group"). The likelihood of occurrence of the risk areas "Impairment risk Volkswagen" and "Impairment risk Porsche AG" is classified as moderately likely after these impairment tests as it was at the time of preparation of the group management report for the fiscal year 2024.

Against the backdrop of a persistently challenging market and sales environment in the automotive industry, in particular due to the introduction of import tariffs by the USA, geopolitical tensions and conflicts, a delayed transition of sales markets towards electromobility and an increasingly uncertain global regulatory environment, the likelihood of occurrence of the risk areas "Result contribution Volkswagen" and "Result contribution Porsche AG" is classified as moderately likely as it was at the time of preparation of the group management report for the fiscal year 2024.

For the current status of the legal proceedings of Porsche SE, reference is made to the section "Significant events and developments at the Porsche SE Group".

Opportunities and risks of the Volkswagen Group

The following is largely based on extracts from the "Report on expected developments, risks and opportunities" in the 2025 half-yearly financial report of Volkswagen AG.

Volkswagen AG has revised its forecast for the fiscal year 2025 published in the Volkswagen Group's 2024 annual report and contained in Porsche SE's combined group management report for the fiscal year 2024, in particular due to the impacts of the US import tariffs raised since April, in its half-yearly financial reporting 2025. Volkswagen expects the revenue of the group and the passenger cars and light commercial vehicles segment to be on a level with the prior year (previously: increase of up to 5% compared with the prior year). Volkswagen now forecasts a range of between 4.0% and 5.0% (previously: 5.5% to 6.5%) for the group's operating

return on sales and of between 4.5% and 5.5% for the passenger cars and light commercial vehicles segment (previously: 6% to 7%). For the commercial vehicles segment, Volkswagen anticipates an operating return on sales of 7.0% and 8.0% (previously: 7.5% and 8.5%), with revenue down noticeably on the prior year (previously: to be on a level with the prior year).

Volkswagen projects that net cash flow in the automotive division will amount to between

€1 billion and €3 billion (previously: €2 billion to

€5 billion) and net liquidity to be in the range of between €31 billion to €33 billion (previously:

€34 billion to €37 billion). There is high uncertainty about further developments in the US tariff situation as well as its impact and any reciprocal effects.

In addition, the status of the legal risks at the level of the Volkswagen Group was updated in the half-yearly financial report 2025 of the Volkswagen Group. In this context, reference is also made to the explanations in note [2] of the condensed consolidated interim financial statements in this

half-yearly financial report. Beyond these events, there were no significant changes in the reporting period of Volkswagen's 2025 half-yearly financial report compared to the explanations in the section "Opportunities and risks of the Volkswagen Group" in the combined group management report in the 2024 annual report of Porsche SE.