Porsche Automobil : Group quarterly statement 3rd Quarter 2022

Group quarterly statement

3rd Quarter

2022

Content

2

3 Business development

5Significant events and developments at the Porsche SE Group

12 Significant events and developments at the Volkswagen Group

16 Business development

22 Explanatory notes on results of operations, financial position and net assets

29 Opportunities and risks of future development

33 Outlook

36 Glossary

1. Selected financial information
2. Consolidated income statement

1. Condensed consolidated statement of comprehensive income
2. Consolidated balance sheet
3. Consolidated statement of cash flows

This group quarterly statement is available in German and English.

This document is a non-binding convenience translation of the German original which is the legally valid document under German law.

3

Business development

3rd Quarter

2022 4

Porsche Automobil Holding SE ("Porsche SE" or the "company"), as the ultimate 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 September 2022, the Porsche SE Group had 36 employees (882 employees). In addition to employees at Porsche SE, the comparative figure as of 31 December 2021 also includes employees at PTV Planung Transport Verkehr GmbH ("PTV"), with its subsidiaries (together the "PTV Group").

Porsche SE is a holding company with investments in the areas of mobility and industrial technology. In particular, it holds the majority of the ordinary shares in Volkswagen Aktiengesellschaft ("Volkswagen AG", "Volkswagen" or "VW AG"), one of the world's leading automobile manufacturers. As the parent company of the Volkswagen Group, Volkswagen AG directly and indirectly holds investments in AUDI AG, SEAT S.A., ŠKODA AUTO a.s., Dr. Ing. h.c. F. Porsche AG ("Porsche AG"), TRATON SE ("TRATON"), Volkswagen Financial Services AG, Volkswagen Bank GmbH as well as in numerous other companies in Germany and abroad. Porsche SE also holds a direct non-controlling interest in Porsche AG (see the section "Significant events and developments at the Porsche SE Group").

In addition to these two core investments, the Porsche SE Group holds non-controlling interests in nine technology companies based in Germany, Israel, Canada, Luxembourg and the USA.

The investment strategy of Porsche SE aims to create sustainable value for its shareholders. This is based on the increase in value of assets under management as well as dividend distributions. The investments of Porsche SE fall into two categories. The first category includes the long-term core investments in Volkswagen AG and in Porsche AG. The second category comprises portfolio investments that Porsche SE generally holds for a temporary period of time. Typically, such investments are characterized by their high potential for growth and for increasing value during the holding period. The sector focus in both investment categories is on mobility and industrial technology.

This group quarterly statement by Porsche SE relates to the development of business and its effects on the results of operations, financial position and net assets in the first nine months of the fiscal year 2022.

All figures and percentages are rounded according to customary business practice, so minor discrepancies may arise from the addition of these amounts. The comparative prior-year figures are presented in parentheses alongside the figures for the current reporting period.

3rd Quarter 2022

Group quarterly statement

Business development

5

Significant events and developments at the Porsche SE Group

Significant events and developments at the Porsche SE Group are presented in the following. The explanations refer to events and developments in the third quarter of the fiscal year 2022, unless reference is made in this section to another time period.

embargoes to the partial exclusion of Russia from the global financial system. Russia itself, in its role as an energy exporter, has restricted gas deliveries to Europe. The resulting rise in commodity prices and intensified supply shortages are increasing the threat of persistently high inflation.

Covid-19 pandemic

The global spread of the Omicron variant of coronavirus (SARS-CoV-2) had a substantial impact in some regions on social and economic life in the reporting period. In China particularly, local outbreaks of infection during the reporting period led to tight restrictions under the zero-Covid strategy being pursued there, resulting in economic constraints and disruption to international supply chains.

Russia-Ukraine conflict

In the first nine months of the fiscal year 2022, the Russia-Ukraine conflict led to a humanitarian crisis and global market upheaval. Prices rose substantially, particularly on the energy and commodity markets, and there were significant increases in interest and inflation rates internationally. The Russia-Ukraine conflict led to increased uncertainty in respect of developments in the global economy and prompted large sections of the community of Western states to impose sanctions on Russia ranging from extensive trade

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 and non-controlling interests of the Volkswagen Group increased to €12.3 billion in the first three quarters of the fiscal year 2022 compared to €10.9 billion in the prior- year period. From January to September 2022, negative special items in connection with the diesel issue affected the operating result in an amount of €0.4 billion (€0.2 billion). They largely result from additional expenses for legal risks. Please also refer to sections "Business development" and "Results of operations of the Volkswagen Group".

As of 30 September 2022, there were no indicators on the basis of the earnings forecasts of an impairment loss on the carrying amount of the investment in Volkswagen AG accounted for at equity. However, an impairment in the carrying amount of the investment cannot be ruled out,