Dr. Ing. h.c. F. Porsche AG

Interim / Quarterly Report • Jul 24, 2024

Half-Year Financial Report Porsche AG Group

January - June 2024

CONTENTS

3 KEY FIGURES

INTERIM GROUP MANAGEMENT REPORT

5 BUSINESS DEVELOPMENT
9 RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS
17 REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES

INTERIM CONSOLIDATED FINANCIAL REPORT (CONDENSED)
20 CONSOLIDATED INCOME STATEMENT
21 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
22 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
23 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
25 CONSOLIDATED STATEMENT OF CASH FLOWS
26 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

43 RESPONSIBILITY STATEMENT
44 REVIEW REPORT
45 FURTHER INFORMATION

KEY FIGURES

Most important key performance indicators
Porsche AG Group
Sales revenue	€ million	19,457	20,431
Return on sales	$\%$	15.7	18.9
Automotive segment
Automotive EBITDA margin	$\%$	24.1	25.6
Automotive net cash flow margin	$\%$	6.3	11.7
Automotive BEV share	$\%$	5.9	10.8
Other financial performance indicators
Porsche AG Group
Operating profit	€ million	3,061	3,852
Profit before tax	€ million	3,095	3,982
Profit after tax	€ million	2,153	2,768
Earnings per ordinary share/preferred share	€	2.36/2.37	3.03/3.04
Automotive segment
Automotive operating profit	€ million	2,904	3,653
Automotive return on sales	$\%$	16.4	19.3
Automotive EBITDA ${ }^{1}$	€ million	4,268	4,829
Automotive net cash flow	€ million	1,117	2,217
Automotive cash flows from operating activities	€ million	3,387	4,392
Automotive net liquidity ${ }^{2}$	€ million	6,101	6,432
Automotive research and development costs ${ }^{3}$	€ million	1,665	1,545
Automotive capital expenditure ${ }^{4}$	€ million	850	866
Financial services segment
Financial services operating profit	€ million	129	174
Financial services return on sales	$\%$	6.8	10.5
Other non-financial performance indicators
Deliveries ${ }^{5}$	Vehicles	155,945	167,354
1 Automotive operating profit before depreciation/amortization and changes in value of property, plant and equipment, capitalized development costs and other intangible assets in the automotive segment. 2 Total of cash and cash equivalents, securities and time deposits as well as loans net of third-party borrowings in the automotive segment. 3 Research costs, non-capitalizable development costs and investments in development costs that have to be capitalized in the automotive segment. 4 Additions (cost) to intangible assets (excluding capitalized development costs) and property, plant and equipment (excluding right-of-use assets) in the automotive segment. 5 Number of vehicles handed over to end customers.

INTERIM GROUP MANAGEMENT REPORT

5 BUSINESS DEVELOPMENT
9 RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS
17 REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES

BUSINESS DEVELOPMENT

After a slow start to the fiscal year 2024, the Porsche AG Group improved its profitability in the first half of 2024. The renewal of the product portfolio and the economic environment still continue to have an impact on the half-year accounts.

In the first half of 2024, the Porsche AG Group recorded a decline in both sales revenue and operating profit compared to the prior-year period. Sales revenue decreased from $€ 20,431$ million to $€ 19,457$ million. Operating profit fell from $€ 3,852$ million to $€ 3,061$ million. In the first half of 2024, the operating return on sales of the Porsche AG Group was 15.7\% (prior year: 18.9\%) and the automotive EBITDA margin was $24.1 \%$ (prior year: $25.6 \%$ ).

The automotive net cash flow came to $€ 1,117$ million (prior year: $€ 2,217$ million). The automotive net cash flow margin stood at $6.3 \%$ (prior year: $11.7 \%$ ).

Deliveries decreased by $6.8 \%$ to 155,945 vehicles in the first half of 2024. The automotive BEV share stood at 5.9\% (prior year: $10.8 \%$ ).

IMPORTANT EVENTS

The fiscal year of the largest model launch program in the company's history began with the third model generation of the Panamera, followed by the next generation of the all-electric Taycan sports car. This model launch program was continued with the presentation of the hybrid 911 and the world premiere of the all-electric Macan. In the first half of the year, these startups had an impact on unit sales, inventories and research and development costs.

The start of electromobility was celebrated at the Leipzig production site. The investment in the expansion of the plant will enable gasoline, hybrid and all-electric vehicles to be produced on one production line in the future.

At Porsche AG's Annual General Meeting on June 7, 2024, a resolution was passed on the appropriation of net retained profit for the fiscal year 2023, resulting in a distribution of $€ 2.30$ per ordinary share and $€ 2.31$ per preferred share. The total distribution therefore amounted to $€ 2,100$ million and was paid out on June 12, 2024.

All ten shareholder representatives on the Supervisory Board were unanimously re-elected for a further term of office. At the constituent meeting of the Supervisory Board following the Annual General Meeting, Dr. Wolfgang Porsche was unanimously confirmed as Chairman of the Supervisory Board and Jordana Vogiatzi as Deputy Chairwoman of the Supervisory Board.

MACROECONOMIC AND SECTOR-SPECIFIC ENVIRONMENT

Development of global economy

In the first six months of the reporting year, the global economy continued to recover at a similar pace to the prior year. This trend was observed in both the advanced economies and the emerging markets. Although inflation rates are falling in many countries, they are still relatively high which, coupled with the ongoing restrictive monetary policy of major central banks, has dampened economic growth in many countries.

Market development for the automotive segment

From January to June 2024, the volume of the global passenger car market was up slightly on the comparative figure for 2023, with the passenger car markets achieving growth in all regions. The supply situation normalized further and the affordability of vehicles improved in some cases as a result of lower prices and increased sales incentives.

In the first half of the year, the number of new registrations of passenger cars on the German passenger car market was up noticeably compared to the weak level of the prior-year period. Although the change in incentives for electric vehicles in the prior year had a dampening effect on the development of new registrations, these increased thanks to base effects as a result of relatively weak figures in the prior year.

In Western Europe, the number of new registrations of passenger cars rose slightly in the first half of the reporting year 2024 compared to the prior year. Development of the major markets for passenger cars in this region was positive across the board.

In Central and Eastern Europe, the passenger car market volume increased significantly in the reporting period. The number of sales developed positively in the major markets of Central Europe.

In the first six months of the fiscal year 2024, the region North America excl. Mexico recorded a slight increase in new registrations of passenger cars compared to the prior-year period. This development was driven by the market volume in the USA, where vehicle availability and the affordability of new vehicles improved on average.

The passenger car market in China incl. Hong Kong grew slightly in the first half of 2024 due to falling prices. A negative trend in demand was observed in the luxury segment.

Market development for the financial services segment

Demand for automotive financial services was high in the first six months of 2024, although higher interest rates put pressure on the demand for financial services in almost all regions.

DELIVERIES

At the end of the first half of 2024, deliveries ${ }^{1}$ of the Porsche AG Group had fallen by $6.8 \%$ compared to the prior-year period. Overall, the sports car manufacturer delivered 155,945 vehicles.

In the domestic market of Germany, the Porsche AG Group increased its deliveries by $21.6 \%$ to 20,811 vehicles. In Europe without Germany, deliveries grew by $5.6 \%$ to 38,611 vehicles. In the region North America excl. Mexico, the number of deliveries decreased by $5.7 \%$ to 39,558 vehicles. After customs-related delays in the delivery of some vehicle models in the first quarter, the region was able to catch up noticeably in the second quarter. In the region China incl. Hong Kong, the Porsche AG Group delivered 29,551 vehicles, a decrease of $32.6 \%$ compared to the prior-year period. The main reasons for this remain the ongoing tense economic situation in the Chinese market and the focus on value-based sales. In the sales region rest of the world, 27,414 vehicles were handed over to customers. This region is therefore on a par with the prior year (down 1.7\%).

Deliveries by region

Units	H1 2024	H1 2023
Germany	20,811	17,118
Europe without Germany	38,611	36,574
North America ${ }^{2}$	39,558	41,937
China ${ }^{3}$	29,551	43,832
Rest of the world	27,414	27,893
Deliveries	$\mathbf{1 5 5 , 9 4 5}$	$\mathbf{1 6 7 , 3 5 4}$

[^0]At 54,587 units, the Porsche Cayenne recorded the highest number of deliveries in the first half of the year (up 16.4\%). The Porsche Macan was delivered to 39,167 customers (down 18.0\%). This decrease is related to the current model change. Deliveries of the 718 Boxster and 718 Cayman models of 11,886 were up $7.7 \%$. With growth of $8.0 \%$ compared to the prior-year period, deliveries of the Porsche 911 totaled 28,212. The Panamera was delivered to 13,255 customers (down 24.5\%). This decline can also be explained by the current model change. The same applies to the Taycan, with 8,838 deliveries to customers (down 50.9\%) in the first half of the year.

In the reporting period, the automotive BEV share, which describes the proportion of purely battery-powered electric vehicles, stood at $5.9 \%$ (prior year: 10.8\%). The year-on-year decline remains due to the discontinuation of the current generation of the Taycan and the staggered product launch of the next generation.

Deliveries of the Porsche AG Group

Units	H1 2024	H1 2023
911	28,212	26,124
718 Boxster/Cayman	11,886	11,035
Macan	39,167	47,755
Cayenne	54,587	46,884
Panamera	13,255	17,565
Taycan	8,838	17,991
Deliveries	$\mathbf{1 5 5 , 9 4 5}$	$\mathbf{1 6 7 , 3 5 4}$

[^1]
[^0]: 1 The performance indicator "deliveries" reflects the number of vehicles handed over to end customers. This may take place via group companies or independent importers and dealers. In the Porsche AG Group, this differs from unit sales as a relevant driver of sales revenue. Unit sales in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, which have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment.

[^1]: 1 The performance indicator "deliveries" reflects the number of vehicles handed over to end customers. This may take place via group companies or independent importers and dealers. In the Porsche AG Group, this differs from unit sales as a relevant driver of sales revenue. Unit sales in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, which have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment.

RESEARCH AND DEVELOPMENT

In the first half of 2024, the Porsche AG Group spent $€ 1,665$ million on research and development (R\&D) (prior year: $€ 1,545$ million). The R\&D ratio increased to 9.4\% (prior year: $8.2 \%$ ). In the first six months of 2024, the Porsche AG Group recorded an increase in both total research and development costs and R\&D costs recognized in the income statement compared to the prior-year period. This was due to the renewal of the model range and the transition period. Capitalized development costs stood at $€ 1,123$ million (prior year: $€ 1,201$ million), while the capitalization ratio fell to 67.5\% (prior year: 77.7\%). The decrease is due to a change in the project mix and different stages of capitalization for current vehicle projects. Research and development costs recognized in the income statement stood at $€ 1,057$ million (prior year: $€ 770$ million). Amortization of capitalized development costs increased to $€ 516$ million (prior year: $€ 427$ million) due to the amortization in connection with the renewal of the model range. The total spend on research and development related to the automotive segment.

Automotive research and development costs

€ million	H1 2024	H1 2023
Automotive sales revenue	17,695	18,892
Total research and development costs	1,665	1,545
of which: capitalized development costs	1,123	1,201
Capitalization ratio ${ }^{1}(\%)$	67.5	77.7
R\&D ratio ${ }^{2}(\%)$	9.4	8.2
Research and development costs recognized in the income statement	1,057	770
of which: amortization of capitalized development costs	516	427
Research and development costs recognized in the income statement ${ }^{3}$ (\%)	6.0	4.1

1 Capitalized development costs in relation to total research and development costs.
2 Total research and development costs in relation to automotive sales revenue.
${ }^{3}$ Research and development costs recognized in the income statement in relation to automotive sales revenue.

RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS

RESULTS OF OPERATIONS

The Porsche AG Group generated sales revenue of $€ 19,457$ million in the first half of 2024. This is a decrease of $4.8 \%$ on the prior-year period (prior year: $€ 20,431$ million) and is largely due to lower vehicle sales coupled with positive price, product mix and currency effects.

In the first six months of 2024, the Porsche AG Group sold 151,944 vehicles. This is a $11.0 \%$ decrease in unit sales compared to the prior-year period (prior year: 170,802 vehicles).

The Cayenne is the bestselling series with 52,769 vehicles sold, followed by the Macan with 36,600 vehicles sold. The largest relative growth was recorded for the Cayenne (up 6,370 vehicles; up 13.7\%) and the 718 Boxster/Cayman (up 252 vehicles; up 2.2\%). Declines were recorded for the Taycan (down 9,827 vehicles; down 51.7\%), Macan (down 10,242 vehicles; down 21.9\%), Panamera (down 3,901 vehicles; down 20.5\%) and 911 (down 1,510 vehicles; down 5.4\%), which are related to the current model changes.

In regional terms, North America excl. Mexico is the largest market with a total of 40,513 vehicles sold, a 10.7\% decrease. The regions Germany with 16,741 vehicles (up 8.7\%) and Europe excluding Germany with 38,960 vehicles (up 5.9\%) recorded growth. The region China incl. Hong Kong, on the other hand, reported a decrease of $30.5 \%$ to 30,020 vehicles, which continues to reflect the challenging market conditions and the focus on value-based sales in this region. A decline of $14.5 \%$ to 25,710 vehicles was also recorded in the region rest of the world.

Vehicle sales of the Porsche AG Group

Units	H1 2024	H1 2023
911	26,346	27,856
718 Boxster/Cayman	11,955	11,703
Macan	36,600	46,842
Cayenne	52,769	46,399
Panamera	15,092	18,993
Taycan	9,182	19,009
Vehicle sales	$\mathbf{1 5 1 , 9 4 4}$	$\mathbf{1 7 0 , 8 0 2}$

The cost of sales decreased by $€ 270$ million to $€ 14,251$ million (prior year: $€ 14,522$ million), an increase in proportion to sales revenue ( $73.2 \%$; prior year: $71.1 \%$ ). This is mainly due to higher cost of materials as well as higher development costs recognized in the income statement and start-up costs in connection with the renewal of the model range.

Gross profit decreased accordingly by 11.9\% to $€ 5,206$ million (prior year: $€ 5,909$ million), therefore resulting in a gross margin of $26.8 \%$ (prior year: $28.9 \%$ ).

Distribution expenses increased by $€ 86$ million to $€ 1,379$ million, an increase in proportion to sales revenue of $7.1 \%$ (prior year: $6.3 \%$ ). The increase is due, among other things, to the digitalization strategy and higher costs for strengthening customer-oriented services. Administrative expenses increased from $€ 875$ million to $€ 952$ million and, in proportion to sales revenue, remained virtually constant at $4.9 \%$ (prior year: $4.3 \%$ ).

Net other operating result increased by $€ 76$ million to $€ 187$ million (prior year: $€ 111$ million).

C million	H1 2024	H1 2023
Sales revenue	$\mathbf{1 9 , 4 5 7}$	$\mathbf{2 0 , 4 3 1}$
Cost of sales	$-14,251$	$-14,522$
Gross profit	$\mathbf{5 , 2 0 6}$	$\mathbf{5 , 9 0 9}$
Distribution expenses	$-1,379$	$-1,293$
Administrative expenses	-952	-875
Net other operating result	187	111
Operating profit	$\mathbf{3 , 0 6 1}$	$\mathbf{3 , 8 5 2}$
Return on sales (\%)	15.7	18.9
Financial result	33	130
Profit before tax	$\mathbf{3 , 0 9 5}$	$\mathbf{3 , 9 8 2}$
Income tax	-942	$-1,215$
Profit after tax	$\mathbf{2 , 1 5 3}$	$\mathbf{2 , 7 6 8}$

Accordingly, the operating profit of the Porsche AG Group decreased by $€ 791$ million to $€ 3,061$ million in the first half of 2024 (prior year: $€ 3,852$ million). The operating return on sales of the Porsche AG Group stood at 15.7\% (prior year: 18.9\%).

In the first six months of 2024, the financial result decreased to $€ 33$ million (prior year: $€ 130$ million). This decrease is mainly due to changes in interest rates used to measure provisions and the result from equity-accounted investments.

Due to the lower profit before tax compared to the prior-year period, income tax also fell to $€ 942$ million (prior year: $€ 1,215$ million). The tax rate for the Porsche AG Group was $30.4 \%$ at the end of the first half of the year (prior year: 30.5\%).

Profit after tax decreased by $€ 615$ million to $€ 2,153$ million in the current reporting period.

Earnings per ordinary share came to $€ 2.36$ (prior year: $€ 3.03$ ) and per preferred share to $€ 2.37$ (prior year: $€ 3.04$ ).

Automotive results of operations

Automotive operating profit of $€ 2,904$ million in the first half of 2024 fell $€ 750$ million short of the figure of the prior-year period (prior year: $€ 3,653$ million). With automotive sales revenue of $€ 17,695$ million, automotive return on sales stood at 16.4\% (prior year: 19.3\%). Automotive EBITDA decreased by $€ 561$ million to $€ 4,268$ million (prior year: $€ 4,829$ million) and the automotive EBITDA margin stood at 24.1\% (prior year: 25.6\%).

Automotive EBITDA margin

C million	H1 2024	H1 2023
Automotive operating profit	2,904	3,653
Depreciation and amortization	1,364	1,176
Automotive EBITDA	4,268	4,829
Automotive sales revenue	17,695	18,892
Automotive EBITDA margin (\%)	24.1	25.6

Financial services results of operations

Financial services sales revenue increased to $€ 1,894$ million (prior year: $€ 1,652$ million). Financial services operating profit decreased to $€ 129$ million in the first half of 2024 (prior year: $€ 174$ million). The decrease was mainly due to the measurement of interest rate hedges and of derivatives outside of hedge accounting in the course of regular refinancing activities as well as higher credit risk cost. Furthermore, there were fewer reversals of provisions for credit and residual value risks compared to the prior-year period. As a result, financial services return on sales decreased to 6.8\% (prior year: 10.5\%).

Demand for the products and services of the financial services segment, which is calculated as the ratio of leased or financed new vehicles to the total number of deliveries in the markets of the segment (penetration rate), stood at $35.6 \%$ as of June 30, 2024 (prior year: 40.8\%). While demand for financial services products remained stable in the region North America excl. Mexico compared to the prior-year period, demand developed negatively in the regions Germany, Europe without Germany, China incl. Hong Kong and rest of the world.

The overall number of contracts for financing and leasing of the Porsche AG Group, including its cooperation partners, decreased by $1.6 \%$ to 339 thousand contracts as of June 30, 2024 (December 31, 2023: 345 thousand contracts).

FINANCIAL POSITION

In the first half of 2024, cash flows from operating activities of the Porsche AG Group amounted to $€ 3,113$ million, down on the prior-year period (prior year: $€ 3,932$ million). This decrease was due to the decline in profit before tax and to the outflows from working capital. Cash outflows for income tax payments amounted to $€ 888$ million (prior year: cash outflows of $€ 1,018$ million) due to the corresponding reduction in prepayments.

Cash outflows in working capital of $€ 1,194$ million (prior year: cash outflows of $€ 600$ million) comprised the outflows in the automotive segment as well as outflows in the financial services segment relating to changes in leased assets of $€ 628$ million (prior year: cash outflows of $€ 638$ million) and receivables from financial services of $€ 63$ million (prior year: cash outflows of $€ 271$ million).

Cash outflows from investing activities came to $€ 2,167$ million (prior year: cash outflows of $€ 2,339$ million). In contrast to the slight increase in cash outflows from investing activities of current operations in the automotive segment, the change in investments in securities and time deposits and loans resulted in cash inflows of $€ 122$ million (prior year: cash outflows of $€ 153$ million).

Cash outflows from financing activities of $€ 2,162$ million (prior year: cash outflows of $€ 3,646$ million) largely related to the dividend payment of $€ 2,100$ million (prior year: $€ 3,979$ million). In addition, there were cash outflows in the change in other financing activities of $€ 62$ million (prior year: cash inflows of $€ 334$ million).

Automotive financial position

Automotive cash flows from operating activities decreased by $€ 1,005$ million to $€ 3,387$ million (prior year: $€ 4,392$ million).

In the first six months of 2024, cash outflows in automotive working capital had an effect of $€ 383$ million (prior year: cash inflows of $€ 346$ million). The outflows were largely attributable to the change in inventories and came to $€ 793$ million (prior year: cash outflows of $€ 1,146$ million). Among other things, the market launch of the Macan and ongoing challenges in the supply chain led to this change at the end of the first half of the year. The Porsche AG Group recorded cash outflows from the change in receivables of $€ 52$ million (prior year: cash outflows of $€ 428$ million). The lower cash inflows from the change in liabilities of $€ 317$ million compared to the prior year (prior year: cash inflows of $€ 1,577$ million) related to the changes in trade payables. The change in other provisions of $€ 145$ million (prior year: cash inflows of $€ 343$ million) had a positive impact on the automotive working capital.

Compared to the prior-year period, cash outflows from the investing activities of current operations increased from $€ 2,175$ million to $€ 2,270$ million. At $€ 850$ million (prior year: cash outflows of $€ 866$ million), automotive capital expenditure remained at the prior-year level and capitalized development costs were slightly lower compared to the prioryear period. Cash outflows from changes in equity investments increased to $€ 303$ million (prior year: cash outflows of $€ 112$ million) primarily due to investments in strategic partnerships in connection with the digitalization strategy.

As of the end of the first half of 2024, the automotive net cash flow decreased to $€ 1,117$ million (prior year: $€ 2,217$ million). The decrease in the automotive net cash flow margin to $6.3 \%$ (prior year: $11.7 \%$ ) was mainly due to operating activities. The lower profit as well as the ongoing temporary effects associated with the change in inventories, related to the market launches, led to a decrease in the automotive net cash flow margin.

C million	H1 2024	H1 2023
Cash flows from operating activities	3,387	4,392
Change in working capital	$-383$	346
Change in inventories	$-793$	$-1,146$
Change in receivables (excluding financial services)	$-52$	$-428$
Change in liabilities (excluding financial liabilities)	317	1,577
Change in other provisions	145	343
Investing activities of current operations ${ }^{1}$	$-2,270$	$-2,175$
Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment	$-850$	$-866$
Additions to capitalized development costs	$-1,123$	$-1,201$
Change in equity investments	$-303$	$-112$
Automotive net cash flow	1,117	2,217

${ }^{1}$ Including cash received from disposal of intangible assets and property, plant and equipment.

As of June 30, 2024, automotive net liquidity decreased by $€ 1,114$ million to $€ 6,101$ million compared to the end of the fiscal year 2023, mainly due to the dividend payment. This was offset by cash inflows from the automotive net cash flow.

In the first six months of 2024, cash and cash equivalents at the end of the period decreased by $€ 961$ million to $€ 5,177$ million (December 31, 2023: $€ 6,139$ million). In the same period, securities and time deposits as well as loans decreased by $€ 165$ million to $€ 3,557$ million. By contrast, automotive thirdparty borrowings remained unchanged at $€ 2,634$ million (December 31, 2023: $€ 2,646$ million).

Automotive net liquidity

C million	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	5,177	6,139
Securities and time deposits as well as loans	3,557	3,723
Gross liquidity	$\mathbf{8 , 7 3 5}$	$\mathbf{9 , 8 6 1}$
Total third-party borrowings	$-2,634$	$-2,646$
Automotive net liquidity	$\mathbf{6 , 1 0 1}$	$\mathbf{7 , 2 1 5}$

C million	H 12024	H 12023
Cash and cash equivalents at beginning of period	5,826	3,745
Profit before tax	3,095	3,982
Income taxes paid	$-888$	$-1,018$
Depreciation and amortization ${ }^{1}$	1,840	1,570
Gain/loss on disposal of non-current assets	2	$-9$
Share of profit or loss of equity-accounted investments	41	5
Change in pension provisions	139	123
Other non-cash expense/income	77	$-122$
Change in working capital	$-1,194$	$-600$
Change in inventories	$-795$	$-1,151$
Change in receivables (excluding financial services)	$-204$	$-477$
Change in liabilities (excluding financial liabilities)	361	1,606
Change in other provisions	136	331
Change in leased assets	$-628$	$-638$
Change in financial services receivables	$-63$	$-271$
Cash flows from operating activities	3,113	3,932
Investing activities of current operations	$-2,289$	$-2,186$
Change in investments in securities and time deposits as well as loans	122	$-153$
Cash flows from investing activities	$-2,167$	$-2,339$
Capital contributions	-	-
Profit transfer and dividends	$-2,101$	$-3,979$
Change in other financing activities	$-62$	334
Cash flows from financing activities	$-2,162$	$-3,646$
Effect of exchange rate changes on cash and cash equivalents	$-13$	$-28$
Net change in cash and cash equivalents	$-1,230$	$-2,081$
Cash and cash equivalents at end of period	4,596	1,664

[^0]
[^0]: 1 Offset against reversals of impairment losses.

NET ASSETS

In the first half of 2024, the Porsche AG Group reported total assets of $€ 51,467$ million, that is a $2.0 \%$ increase compared to December 31, 2023.

In connection with the agreement to sell three Russian subsidiaries, assets of $€ 6$ million and liabilities of $€ 6$ million continued to be disclosed as held for sale pursuant to IFRS 5 in separate lines of the statement of financial position as of June 30, 2024.

Intangible assets increased from $€ 8,554$ million to $€ 9,110$ million. The increase was largely attributable to capitalized development costs, with the largest addition relating to the Cayenne series.

Property, plant and equipment increased by $€ 175$ million to $€ 9,570$ million compared to 2023. The increase primarily resulted from additions to furniture and fixtures as well as advance payments made and assets under construction, while plant and machinery as well as land and buildings decreased. Leased assets increased by $€ 301$ million to $€ 4,491$ million compared to 2023. This item includes vehicles leased to customers under operating leases.

Non-current and current financial services receivables increased from $€ 6,345$ million to $€ 6,445$ million. These mainly include receivables from finance leases as well as receivables from customer and dealer financing. The number of financing and leasing contracts increased in the first half of 2024.

Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets increased from $€ 3,592$ million in the prior year to $€ 3,934$ million.

Equity-accounted investments decreased mainly due to subsequent measurement from $€ 651$ million to $€ 625$ million.

The increase in other equity investments of $€ 280$ million was largely spread across the acquisition of shares in new investments.

In total, non-current assets increased by $€ 1,441$ million to $€ 31,848$ million. Non-current assets expressed as a percentage of total assets amounted to $61.9 \%$
(December 31, 2023: 60.3\%).

Compared to December 31, 2023, inventories increased from $€ 5,947$ million to $€ 6,791$ million. The increase is due in particular to the market launch of the new Macan, while the other model series are developing in line with the product life cycle in the ordinary course of business. In addition, ongoing challenges in the supply chain had an impact on inventories.

Current other financial assets and other receivables decreased by $€ 194$ million to $€ 4,344$ million. The reduction mainly related to receivables from loans, VAT receivables and trade receivables. This was counterbalanced by other receivables, prepaid expenses and marking derivative financial instruments to market.

6 million	Jun. 30, 2024	$\%$	Dec. 31, 2023	$\%$
Assets
Non-current assets	31,848	61.9	30,407	60.3
Intangible assets	9,110	17.7	8,554	17.0
Property, plant and equipment	9,570	18.6	9,394	18.6
Leased assets	4,491	8.7	4,190	8.3
Financial services receivables	4,744	9.2	4,676	9.3
Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets	3,934	7.6	3,592	7.1
Current assets	19,618	38.1	20,040	39.7
Inventories	6,791	13.2	5,947	11.8
Financial services receivables	1,701	3.3	1,669	3.3
Other financial assets and other receivables	4,344	8.4	4,537	9.0
Tax receivables	292	0.6	235	0.5
Securities and time deposits	1,895	3.7	1,826	3.6
Cash and cash equivalents	4,590	8.9	5,820	11.5
Assets held for sale	6	0.0	6	0.0
Total assets	51,467	100.0	50,447	100.0
Equity and liabilities
Equity	21,772	42.3	21,668	43.0
Non-current liabilities	15,308	29.7	15,211	30.2
Provisions for pensions and similar obligations	4,187	8.1	4,315	8.6
Financial liabilities	6,525	12.7	6,537	13.0
Other liabilities	4,596	8.9	4,360	8.6
Current liabilities	14,387	28.0	13,567	26.9
Financial liabilities	4,072	7.9	3,880	7.7
Trade payables	3,883	7.5	3,490	6.9
Other liabilities	6,426	12.5	6,192	12.3
Liabilities associated with assets held for sale	6	0.0	5	0.0
Total equity and liabilities	51,467	100.0	50,447	100.0

Securities and time deposits as well as cash and cash equivalents decreased by $€ 1,161$ million to $€ 6,485$ million compared to 2023.

As of June 30, 2024, the equity of the Porsche AG Group increased by $€ 104$ million to $€ 21,772$ million compared to the figure from December 31, 2023. Profit after tax as well as other comprehensive income, net of tax, caused equity to increase by $€ 2,195$ million. Within other comprehensive income, net of tax, the increase was mainly due to the measurement of derivative financial instruments through other comprehensive income, while effects of currency translation and the remeasurement of pension plans, net of tax, led to a decrease.

Dividend payments of $€ 2,100$ million, which were resolved by the Annual General Meeting of Porsche AG on June 7, 2024, caused equity to decrease.

Pension provisions decreased by $€ 127$ million in the first six months of 2024 compared to December 31, 2023. The decrease is attributable to the increase in the discount rate for domestic pension obligations from $3.2 \%$ to $3.5 \%$.

Furthermore, non-current other liabilities increased by $€ 236$ million to $€ 4,596$ million compared to December 31, 2023. The increase largely resulted from deferred tax liabilities. In total, non-current liabilities increased
by $€ 96$ million to $€ 15,308$ million. Non-current liabilities expressed as a percentage of total capital amount to 29.7\% (December 31, 2023: 30.2\%).

Non-current and current financial liabilities increased from $€ 10,417$ million to $€ 10,597$ million. The increase mainly related to the refinancing of the financial services business through asset-backed securities.

Trade payables increased from $€ 3,490$ million to $€ 3,883$ million compared to year-end 2023 in the ordinary course of business.

Current other liabilities increased by $€ 234$ million to $€ 6,426$ million compared to December 31, 2023. Overall, current liabilities increased by $€ 819$ million to $€ 14,387$ million. Current liabilities as a percentage of total capital amounted to 28.0\% (December 31, 2023: 26.9\%).

As of June 30, 2024, there were unrecognized contingent liabilities of $€ 65$ million, which have not changed significantly compared to the prior year (December 31, 2023: $€ 64$ million).

Unrecognized other financial obligations increased by $€ 440$ million to $€ 5,832$ million and essentially comprised obligations from development, supply and service agreements.

REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES

REPORT ON EXPECTED DEVELOPMENTS

The assumptions used in preparing the forecast report are based, inter alia, on current estimates by external institutions; these include economic research institutes, banks, multinational organizations and consultancy firms.

The forecast, which extends until the end of the fiscal year 2024 in line with the group's internal control system, contains forward-looking statements based on the estimates and expectations of the Porsche AG Group. These can be influenced by unforeseeable events, as a result of which the actual business development may deviate, both positively and negatively, from the expectations described below.

- Annual and sustainability report 2023 - Report on expected developments

The Porsche AG Group continues to face a highly challenging macroeconomic environment and various geopolitical tensions and conflicts. In particular, the situation in the Chinese market has continued to develop negatively. The numerous product launches in 2024 and continued high cost levels, particularly on the supplier side, also pose considerable challenges. At the same time, the Porsche AG Group is investing heavily in its development and innovations for future products and services as well as in the brand.

In addition, various suppliers to the Porsche AG Group are currently experiencing severe supply shortage for special aluminum alloys. The supply shortage is the result of flooding at a production plant of an important European aluminum supplier, which has informed its customers in writing of the occurrence of a force majeure event. This affects aluminum body components used in all vehicle series manufactured by the Porsche AG Group. Despite immediate countermeasures, it is becoming apparent that the impending supply shortage will lead to production disruptions. These disruptions are expected to last several weeks and may possibly lead to production shutdowns for one or more vehicle series. It is expected that it will not be possible to fully make up the resulting delays in the production and delivery of vehicles during the remainder of current fiscal year.

Against this backdrop, the Porsche AG Group is adjusting the outlook for the fiscal year 2024 published in the combined management report as follows:

Outlook of the Porsche AG Group

		2023	2024 Outlook Annual report 2023	2024 Outlook Half-year financial report 2024
Porsche AG Group
Sales revenue	€ billion	40.5	40 to 42	39 to 40
Return on sales	\%	18.0	15 to 17	14 to 15
Automotive segment
Automotive net cash flow margin	\%	10.6	8.5 to 10.5	7 to 8.5
Automotive EBITDA margin	\%	25.7	24 to 26	23 to 24
Automotive BEV share	\%	12.8	13 to 15	12 to 13

REPORT ON RISKS AND OPPORTUNITIES

The Porsche AG Group presented its risks and opportunities in the .* Annual and sustainability report 2023 - Report on risks and opportunities. The overall conclusion that, based on the information and assessments currently available, the risk of a development jeopardizing the company's ability to continue as a going concern materializing is sufficiently improbable in the fiscal year 2024, remains unchanged.

In the first half of 2024, there were also significant changes at the level of the individual risk within the following risk categories. While operating risks are now classified as high due to increases at the level of the individual risk as of the end of the first half of the year, the classification of all other risk categories remained unchanged.

In principle, the risk categories that have already been presented and which will be examined in more detail below also hold opportunities. Such opportunities may arise for the Porsche AG Group if the actual effects are better than the underlying planning assumptions or anticipated forecasts, or if additional positive effects can or do arise in the aforementioned categories - in relation to the value chain.

Classification of risks in the Porsche AG Group

Classification of risk categories	H1 2024	Change as of Dec. $\mathbf{3 1 , 2 0 2 3}$
Strategic risks	High	Unchanged
Supply risks	High	Unchanged
Financial risks	High	Unchanged
Sales risks	High	Unchanged
Operational risks	High	Increased
Personnel risks	Low	Unchanged

The classification of the level of risk in the risk categories is based on the following value limits:

Classification	Risk level
Low	$\leq € 500$ million
Medium	$>€ 500$ million $-€ 1,000$ million
High	$>€ 1$ billion

Strategic risks and opportunities

The risks presented in the Annual and Sustainability Report 2023 due to an increasing regulatory environment increased as a result of additional risks in the region China in connection with stricter emissions and safety standards.

Supply risks and opportunities

In the first half of 2024, there were significant changes with regard to supply chain problems.
Extreme weather conditions have created new significant risks. Should the countermeasures taken not be effective, this may lead to additional problems ranging from further production disruptions through to larger production shutdowns.
The risks in connection with the timely provision of software in the required quality increased. In the long term, these risks are to be countered through the ongoing development of Porsche's software strategy. There are also increasing risks associated with compliance with applicable license terms as the proportion of open source software continues to grow. Continuing measures to secure semiconductors have reduced the risks associated with the uncertainty of supply. Due to market-driven uncertainties, the supply of semiconductors will nevertheless remain a risk factor for the Porsche AG Group in the future.

The persisting risks associated with geopolitical developments relate increasingly to the ongoing trade conflict between China and the USA and the increasing tensions in Asia. In addition to supply, the Porsche AG Group is confronted with this primarily due to the high share of sales revenue generated in those regions. On the other hand, the negative impact of the conflict in the Middle East was reduced, particularly thanks to increased supply chain security.

Sales risks and opportunities

In the first half of 2024, the market and competitive risk in China, including a possible increase in tariff barriers, remains the highest sales risk.

Depending on the outcome of the US presidential election, potential import tariff increases by the USA and the threat of trade restrictions in subsequent years could have a negative impact on the Porsche AG Group's sales.

The transformation process towards electromobility also entails risks related to the uncertain market acceptance and the development of the global regulatory policies and requirements.

INTERIM CONSOLIDATED FINANCIAL REPORT (CONDENSED)

20 CONSOLIDATED INCOME STATEMENT
21 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
22 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
23 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
25 CONSOLIDATED STATEMENT OF CASH FLOWS
26 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

43 RESPONSIBILITY STATEMENT
44 REVIEW REPORT
45 FURTHER INFORMATION

CONSOLIDATED INCOME STATEMENT

OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024

C million	H1 2024	H1 2023
Profit after tax	2,153	2,768
Pension plan remeasurements recognized in other comprehensive income
Pension plan remeasurements recognized in other comprehensive income, before tax	267	$-86$
Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income	$-80$	27
Pension plan remeasurements recognized in other comprehensive income, net of tax	187	$-59$
Fair value valuation of equity instruments that will not be reclassified to profit or loss
Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax	7	8
Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss	-	-
Fair value valuation of equity instruments that will not be reclassified to profit or loss, net of tax	7	8
Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax	-	-
Items that will not be reclassified to profit or loss	194	$-51$
Foreign exchange differences
Unrealized currency translation gains/losses	97	$-150$
Transferred to profit or loss	-	-
Exchange differences on translating foreign operations, before tax	97	$-150$
Deferred taxes relating to exchange differences on translating foreign operations	-	-
Exchange differences on translating foreign operations, net of tax	97	$-150$
Hedging
Fair value changes recognized in other comprehensive income (OCI I)	$-177$	1,076
Transferred to profit or loss (OCI I)	$-208$	29
Cash flow hedges (OCI I), before tax	$-385$	1,105
Deferred taxes relating to cash flow hedges (OCI I)	121	$-336$
Cash flow hedges (OCI I), net of tax	$-264$	769
Fair value changes recognized in other comprehensive income (OCI II)	$-241$	$-152$
Transferred to profit or loss (OCI II)	267	233
Cash flow hedges (OCI II), before tax	26	81
Deferred taxes relating to cash flow hedges (OCI II)	$-11$	$-24$
Cash flow hedges (OCI II), before tax	15	56
Share of other comprehensive income of equity-accounted investments that may be reclassified subsequently to profit or loss, net of tax	-	-
Items that may be reclassified subsequently to profit or loss	$-152$	676
Other comprehensive income, before tax	12	958
Deferred taxes relating to other comprehensive income	30	$-333$
Other comprehensive income, net of tax	42	625
Total comprehensive income	2,195	3,392
thereof profit attributable to shareholders	2,196	3,393
thereof profit attributable to non-controlling interests	$-1$	0

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF JUNE 30, 2024 AND
AS OF DECEMBER 31, 2023

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024

[^0]
[^0]: 1 Please see explanations in section $\rightarrow$ 8. EQUITY

Hedgehog
Cash flew hedges (OCI I)	Deferred costs of hedging (OCI II)	Equity and debt instruments	Equity-accounted investments	Equity before non-controlling interests	Non-controlling interests	Total equity
238	$-804$	11	0	17,019	8	17,027
0	0	0	0	8	0	8
238	$-804$	11	0	17,027	8	17,035
-	-	-	-	2,768	0	2,768
769	56	8	-	625	0	625
769	56	8	-	3,393	0	3,392
-	-	$-17$	-	-	-	-
-	-	-	-	$-916$	-	$-916$
-	-	-	-	$-72$	$-8$	$-80$
-	-	-	-	0	1	1
1,008	$-748$	1	0	19,432	1	19,433
938	$-537$	$-9$	1	21,667	1	21,668
-	-	-	-	2,153	$-1$	2,153
$-264$	15	7	-	42	0	42
$-264$	15	7	-	2,196	$-1$	2,195
-	-	$-1$	-	-	-	-
-	-	-	-	$-2,100$	$-1$	$-2,101$
-	-	-	-	0	10	10
674	$-522$	$-2$	1	21,763	9	21,772

CONSOLIDATED STATEMENT OF CASH FLOWS

OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024

[^0]
[^0]: 1 Offset against reversals of impairment losses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF JUNE 30, 2024

ACCOUNTING UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSS)

Pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council, Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("Porsche AG") has prepared its consolidated financial statements for the fiscal year 2023 in accordance with the international accounting standards adopted by the European Union, the International Financial Reporting Standards (IFRSs). Accordingly, these interim consolidated financial statements as of June 30, 2024 have also been prepared in accordance with IAS 34 (Interim Financial Reporting) and have a reduced scope of reporting compared to the consolidated financial statements.

All amounts are rounded in line with common business practice; this can lead to minor differences in total amounts. Figures of $€ 0.00$ are presented as " $€$ - million"; figures between $€ 0.00$ and $€ 500,000.00$ are rounded in line with common business practice and presented as " $€ 0$ million".

The interim consolidated financial statements were reviewed by auditors in accordance with section 115 of the WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act].

ACCOUNTING POLICIES

The Porsche AG Group has applied all accounting pronouncements adopted by the EU and effective for periods beginning from January 1, 2024.

Other accounting policies

A discount rate of 3.5\% (December 31, 2023: 3.2\%) was applied to German pension provisions in the accompanying interim consolidated financial statements.

The income tax expense for the interim consolidated financial statements is calculated pursuant to IAS 34 (Interim Financial Reporting) based on the best estimate of the annual average income tax rate expected for the entire fiscal year. Taking the condensed presentation into account, generally the same accounting policies and consolidation principles have been used when preparing the interim consolidated financial statements and determining the comparative figures for the prior year as those used in the 2023 consolidated financial statements. A detailed description of these methods can be found in the notes to the 2023 consolidated financial statements under $\nearrow$ Accounting policies.

In addition, the effects of new standards are described in more detail in the notes to the 2023 consolidated financial statements under $\nearrow$ New and amended standards and interpretations.

BASIS OF CONSOLIDATION

In addition to Porsche AG, which has its registered offices in Stuttgart and is registered at the Stuttgart Local Court under HRB 730623, the consolidated financial statements include all material German and foreign subsidiaries, including structured entities, that are controlled directly or indirectly by Porsche AG. Control exists if Porsche AG obtains power over the potential subsidiary directly or indirectly from voting rights or other rights, participates in

positive or negative variable returns from the potential subsidiary and is able to influence those returns. There are no significant restrictions.

IFRS 5 - ASSETS HELD FOR SALE

Also since September 2022, Porsche AG still intends to sell two Russian distribution companies in the automotive segment, 000 Porsche Russland, Moscow, and 000 Porsche Center Moscow, Moscow, and a Russian company allocated to the financial services segment, 000 Porsche Financial Services Russland, Moscow. Due to the changes in external conditions, the planned sale is expected to be completed before the end of the fiscal year 2024. An impairment loss of $€ 25$ million was recognized for the disposal group as of December 31, 2022. A small additional impairment and offsetting currency translation effects were identified in the fiscal year 2023. No additional impairment requirement was identified in the first half of 2024.

EXPLANATIONS ON THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. SALES REVENUE

Structure of the group's sales revenue H1 2024

		Financial services	Total segments	Reconciliation	Porsche AG Group
Vehicles	14,695	-	$\mathbf{1 4 , 6 9 5}$	-46	$\mathbf{1 4 , 6 4 9}$
Genuine parts	975	-	$\mathbf{9 7 5}$	0	$\mathbf{9 7 5}$
Used vehicles and third-party products	743	881	$\mathbf{1 , 6 2 4}$	-46	$\mathbf{1 , 5 7 8}$
Rental and leasing business	1	741	$\mathbf{7 4 2}$	-30	$\mathbf{7 1 2}$
Interest and similar income from financial services business	-	262	$\mathbf{2 6 2}$	-3	$\mathbf{2 5 8}$
Hedges sales revenue	-72	-	$\mathbf{- 7 2}$	-	$\mathbf{- 7 2}$
Other revenue	1,354	10	$\mathbf{1 , 3 6 4}$	-7	$\mathbf{1 , 3 5 7}$
	$\mathbf{1 7 , 6 9 5}$	$\mathbf{1 , 8 9 4}$	$\mathbf{1 9 , 5 8 9}$	$\mathbf{- 1 3 2}$	$\mathbf{1 9 , 4 5 7}$

Structure of the group's sales revenue H1 2023

		Financial services	Total segments	Reconciliation	Porsche AG Group
Vehicles	16,258	-	$\mathbf{1 6 , 2 5 8}$	-35	$\mathbf{1 6 , 2 2 2}$
Genuine parts	972	-	$\mathbf{9 7 2}$	0	$\mathbf{9 7 2}$
Used vehicles and third-party products	708	761	$\mathbf{1 , 4 6 9}$	-43	$\mathbf{1 , 4 2 5}$
Rental and leasing business	1	676	$\mathbf{6 7 6}$	-28	$\mathbf{6 4 8}$
Interest and similar income from financial services business	1	205	$\mathbf{2 0 5}$	-2	$\mathbf{2 0 4}$
Hedges sales revenue	-334	-	$\mathbf{- 3 3 4}$	-	$\mathbf{- 3 3 4}$
Other revenue	1,287	11	$\mathbf{1 , 2 9 8}$	-5	$\mathbf{1 , 2 9 3}$
	$\mathbf{1 8 , 8 9 2}$	$\mathbf{1 , 6 5 2}$	$\mathbf{2 0 , 5 4 4}$	$\mathbf{- 1 1 3}$	$\mathbf{2 0 , 4 3 1}$

Other revenue mainly contains income from consulting, workshop and development services as well as mobile services. It also contains insurance premiums from warranty insurance for used vehicles.

2. COST OF SALES

Cost of sales amounted to $€ 14,251$ million (prior year: $€ 14,522$ million) and mainly comprises production materials, personnel expenses, non-staff overheads and depreciation and amortization.

Cost of sales also contains interest expenses attributable to the financial services business amounting to $€ 140$ million (prior year: $€ 73$ million), impairment losses on leased assets amounting to $€ 87$ million (prior year: $€ 75$ million) and expenses for indemnification payments from warranty insurance for used vehicles amounting to $€ 49$ million (prior year: $€ 40$ million).

3. RESEARCH AND DEVELOPMENT COSTS

6 million	H1 2024	H1 2023	$\%$
Total research and development costs	1,665	1,545	7.8
of which: capitalized development costs	1,123	1,201	$-6.5$
Capitalization ratio in \%	67.5	77.7
Amortization of capitalized development costs	516	427	20.8
Research and development costs recognized in the income statement	1,057	770	37.2

4. EARNINGS PER SHARE

Basic earnings per share are calculated by dividing the share of the result of Porsche AG's shareholders by the weighted average number of ordinary and preferred shares outstanding during the reporting year. Since there were no transactions in the reporting period that had a dilutive effect on the number of shares, diluted earnings per share correspond to the basic earnings per share.

Pursuant to article 28 (4) of the Articles of Association of Porsche AG, the preferred shareholders are entitled to an additional dividend of $€ 0.01$ per preferred share above the dividend allocable to the ordinary share:

		H1 2024	H1 2023
Weighted average number of:
Ordinary shares - basic/diluted	Shares	455,500,000	455,500,000
Preferred shares - basic/diluted	Shares	455,500,000	455,500,000
Profit after tax	€ million	2,153	2,768
Non-controlling interests	€ million	$-1$	0
Earnings attributable to Porsche AG shareholders	€ million	2,153	2,768
of which: basic/diluted earnings attributable to ordinary shares	€ million	1,074	1,382
of which: basic/diluted earnings attributable to preferred shares	€ million	1,079	1,386
Earnings per ordinary share - basic/diluted	€	2.36	3.03
Earnings per preferred share - basic/diluted	€	2.37	3.04

5. NON-CURRENT ASSETS

Development of selected non-current assets from January 1 to June 30, 2024

6 million	Carrying amount at Jan. 1, 2024	Additions/ changes in cons. group	Disposals/ other changes	Depreciation and amortization	Carrying amount at Jun. 30, 2024
Intangible assets	8,554	1,274	$-4$	722	9,110
Property, plant and equipment	9,394	844	19	650	9,570
Leased assets	4,190	1,571	761	510	4,491
Other equity investments	814	297	$-2$	19	1,094

6. INVENTORIES

6 million	Jun. 30, 2024	Dec. 31, 2023
Raw materials, consumables and supplies	454	400
Work in progress	549	325
Finished goods and merchandise	5,361	4,839
Current rental and leasing assets	49	49
Advance payments made	376	333
Hedges on inventories	2	1
	6,791	5,947

The write-downs recognized in profit or loss in the reporting period amounted to $€ 38$ million (prior year: $€ 61$ million) and resulted from the remeasurement of used vehicles. Reversals of write-downs of $€ 1$ million (prior year: $€ 1$ million) were recognized in profit or loss in the reporting period, also resulting primarily from the remeasurement of used vehicles.

7. CURRENT OTHER FINANCIAL ASSETS AND OTHER RECEIVABLES

6 million	Jun. 30, 2024	Dec. 31, 2023
Trade receivables	1,381	1,449
Other financial assets and miscellaneous other receivables	2,963	3,089
	4,344	4,537

In the period from January 1 to June 30, 2024, operating profit was negatively impacted by impairment losses and reversals of impairment losses on non-current and current financial assets amounting to $€ 20$ million (prior year: $€ 7$ million).

No significant valuation allowances were recognized for other financial assets.

8. EQUITY

The subscribed capital of Porsche AG is composed of no-par value bearer shares. One share grants a notional share of $€ 1.00$ in share capital. Porsche AG's subscribed capital amounts to $€ 911$ million and is divided into 455,500,000 no-par value ordinary shares and 455,500,000 no-par value preferred shares. Each share grants a notional share of $€ 1.00$ in share capital. Compared to the ordinary shares, the preferred shares carry the right to an additional dividend that is $€ 0.01$ higher than the ordinary shares but are non-voting.

On June 7, 2024, Porsche AG's Annual General Meeting passed a resolution on the appropriation of the net retained profit for the fiscal year 2023, resulting in a distribution of $€ 2.30$ per ordinary share and $€ 2.31$ per preferred share. This brings the total amount distributed to $€ 2,100$ million.

Non-controlling interests in equity relate to $25 \%$ of the shares in Porsche Singapore Pte. Ltd, Singapore, $49 \%$ of the shares in Manthey Racing GmbH, Meuspath, and 25\% of the shares in Porsche Norge AS, Oslo.

9. NON-CURRENT FINANCIAL LIABILITIES

6 million	Jun. 30, 2024	Dec. 31, 2023
ABS refinancing and debenture bonds	5,267	5,273
Liabilities to banks	284	329
Lease liabilities	974	934
	$\mathbf{6 , 5 2 5}$	$\mathbf{6 , 5 3 7}$

10. CURRENT FINANCIAL LIABILITIES

6 million	Jun. 30, 2024	Dec. 31, 2023
ABS refinancing and debenture bonds	3,618	3,408
Liabilities to banks	311	299
Lease liabilities	119	113
Other financial liabilities	25	61
	$\mathbf{4 , 0 7 2}$	$\mathbf{3 , 8 8 0}$

11. FAIR VALUE DISCLOSURES

Generally, the principles and techniques used for fair value measurement remained unchanged year on year. Detailed explanations of the measurement principles and techniques can be found in the $\nearrow$ Accounting policies section of the 2023 consolidated financial statements.

Fair value generally corresponds to the market or quoted market price. If no active market exists, fair value is determined using valuation techniques, such as by discounting the future cash flows at the market interest rate, or by using recognized option pricing models.

Financial assets and liabilities measured at fair value in profit or loss consist of derivative financial instruments to which hedge accounting is not applied. This primarily includes interest rate swaps and currency swaps as well as options to acquire equity instruments. Moreover, other equity investments (shares representing an ownership interest of less than $20 \%$ as a rule) in partnerships (debt instruments) as well as financial assets held in special funds controlled by the Porsche AG Group are measured at fair value in profit or loss. Derivative financial instruments to which hedge accounting is applied are measured at fair value directly in equity.

Financial assets measured at fair value through other comprehensive income include equity investments (shares representing an ownership interest of less than $20 \%$ as a rule) in corporations (equity instruments) for which the Porsche AG Group normally exercises the option of fair value measurement through other comprehensive income. For instruments measured through other comprehensive income, changes in fair value are recognized directly in equity, taking deferred taxes into account.

Uniform valuation techniques and inputs are used to measure fair value. The fair value of Level 2 and Level 3 financial instruments is measured in the individual divisions on the basis of group-wide specifications.

Reconciliation of items in the statement of financial position to classes of financial instruments

The table below presents a reconciliation of the line items in the statement of financial position to the relevant classes of financial instruments, broken down by carrying amount and fair value.

The fair value of financial instruments measured at amortized cost, such as receivables and liabilities, is calculated by discounting the carrying amount using a market rate of interest for a similar risk and matching maturity. For reasons of materiality, the fair value of current statement of financial position items is generally deemed to be their carrying amount.

The key risk variables for the fair values of receivables are risk-adjusted interest rates.

Reconciliation of items in the statement of financial position to classes of financial instruments as of June 30, 2024

	Measured at fair value	Measured at amortized cost		Derivative financial instruments within hedge accounting	Not allocated to a measurement category	Statement of financial position item at June 30, 2024
€ million	Carrying amount	Carrying amount	Fair value	Carrying amount	Carrying amount

Non-current assets

Equity-accounted investments	-	-	-	-	625	625
Other equity investments	432	-	-	-	662	1,094
Financial services receivables	-	3,202	3,395	-	1,542	4,744
Other financial assets ${ }^{1}$	80	862	856	466	-	1,409

Current assets

Trade receivables	-	1,381	1,381	-	0	1,381
Financial services receivables	-	972	972	-	729	1,701
Other financial assets ${ }^{2}$	143	1,136	1,136	506	-	1,785
Securities and time deposits	1,895	0	0	-	-	1,895
Cash and cash equivalents	-	4,590	4,590	-	-	4,590
Assets held for sale	-	6	6	-	-	6

Non-current liabilities

Financial liabilities	-	5,551	5,485	-	974	6,525
Other financial liabilities ${ }^{3}$	14	68	68	276	-	358

Current liabilities

Financial liabilities	-	3,953	3,953	-	119	4,072
Trade payables	-	3,883	3,883	-	-	3,883
Other financial liabilities ${ }^{4}$	45	499	499	441	-	984
Liabilities associated with assets held for sale	-	1	1	-	-	1

[^0]
[^0]: 1 Other assets that are not financial assets are not included (other receivables and deferred tax assets: €806 million).
2 Other assets that are not financial assets are not included (other receivables and income tax receivables: €1,470 million).
3 Other liabilities that are not financial liabilities are not included (other provisions, deferred tax liabilities and other liabilities: €4,237 million).
4 Other liabilities that are not financial liabilities are not included (income tax provisions, other provisions, other liabilities and income tax liabilities: €5,442 million).

Reconciliation of items in the statement of financial position to classes of financial instruments as of December 31, 2023

	Measured at fair value	Measured at amortized cost		Derivative financial instruments within hedge accounting	Not allocated to a measurement category	Statement of financial position item at December 31, 2023
€ million	Carrying amount	Carrying amount	Fair value	Carrying amount	Carrying amount

Non-current assets

Equity-accounted investments	-	-	-	-	651	651
Other equity investments	193	-	-	-	621	814
Financial services receivables	-	3,146	3,282	-	1,531	4,676
Other financial assets ${ }^{1}$	82	549	545	791	-	1,422
Current assets
Trade receivables	-	1,449	1,449	-	0	1,449
Financial services receivables	-	944	944	-	725	1,669
Other financial assets ${ }^{2}$	207	1,379	1,379	424	-	2,010
Securities and time deposits	1,810	16	16	-	-	1,826
Cash and cash equivalents	-	5,820	5,820	-	-	5,820
Assets held for sale	-	6	6	-	-	6
Non-current liabilities
Financial liabilities	-	5,602	5,545	-	934	6,537
Other financial liabilities ${ }^{3}$	15	64	64	284	-	364
Current liabilities
Financial liabilities	-	3,768	3,768	-	113	3,880
Trade payables	-	3,490	3,490	-	-	3,490
Other financial liabilities ${ }^{4}$	88	864	864	280	-	1,231
Liabilities associated with assets held for sale	-	1	1	-	-	1

${ }^{1}$ Other assets that are not financial assets are not included (other receivables and deferred tax assets: €705 million).
${ }^{2}$ Other assets that are not financial assets are not included (other receivables and income tax receivables: €1,314 million).
${ }^{3}$ Other liabilities that are not financial liabilities are not included (other provisions, deferred tax liabilities and other liabilities: €3,996 million).
${ }^{4}$ Other liabilities that are not financial liabilities are not included (income tax provisions, other provisions, other liabilities and income tax liabilities: $€ 4,961$ million).

The class "Not allocated to a measurement category" primarily includes lease receivables, lease liabilities, equityaccounted investments as well as investments in non-consolidated affiliates.

Lease receivables have a carrying amount of €2,271 million (prior year: €2,256 million) and a fair value of $€ 2,374$ million (prior year: $€ 2,354$ million).

The tables below provide an overview of the financial assets and liabilities measured at fair value:

Financial assets and liabilities measured at fair value by level:

6 million	Dec. 31, 2023	Level 1	Level 2	Level 3
Non-current assets
Other equity investments	193	0	-	193
Other financial assets	82	-	82	-
Current assets
Other financial assets	207	-	207	-
Securities and time deposits	1,810	1,810	-	-
Non-current liabilities
Other financial liabilities	15	-	15	-
Current liabilities
Other financial liabilities	88	-	88	-

Derivative financial instruments included in hedge accounting by level:

6 million	Jun. 30, 2024	Level 1	Level 2	Level 3
Non-current assets
Other financial assets	466	-	466	-
Current assets
Other financial assets	506	-	506	-
Non-current liabilities
Other financial liabilities	276	-	276	-
Current liabilities
Other financial liabilities	441	-	441	-

6 million	Dec. 31, 2023	Level 1	Level 2	Level 3
Non-current assets
Other financial assets	791	-	791	-
Current assets
Other financial assets	424	-	424	-
Non-current liabilities
Other financial liabilities	284	-	284	-
Current liabilities
Other financial liabilities	280	-	280	-

Fair values are allocated to the three levels of the fair value hierarchy based on the availability of observable market prices. Level 1 shows the fair values of financial instruments where a quoted price is directly available on active markets. This includes securities issued by the Porsche AG Group. Fair values in level 2, such as derivatives, are derived from market data using market valuation techniques. These market data include in particular currency exchange rates, yield curves and commodity prices which are observable on the relevant markets and can be obtained from pricing service providers. Level 3 fair values are calculated using valuation techniques with inputs that are not based on directly observable market data. In particular, the Porsche AG Group allocated other equity investments and options on equity instruments to level 3. Equity instruments are primarily measured on the basis of the respective business plans and entity-specific discount rates.

The table below summarizes the changes in items in the statement of financial position measured at fair value and allocated to level 3:

Changes in items in the statement of financial position measured at fair value based on level 3

	Financial assets measured at fair value
$\underline{\text { e million }}$
Balance at Jan. 1, 2024	193
Additions (purchases)	305
Total comprehensive income	2
recognized in profit or loss	-5
recognized in other comprehensive income	7
Disposals (sales)	-1
Balance at Jun. 30, 2024	498

	Financial assets measured at fair value
$\underline{\text { e million }}$
Balance at Jan. 1, 2023	263
Additions (purchases)	31
Total comprehensive income	-6
recognized in profit or loss	1
recognized in other comprehensive income	-8
Settlements	-73
Disposals (sales)	-6
Changes in participation structure	-26
Balance at Jun. 30, 2023	183

Transfers between the levels of the fair value hierarchy are generally reported as of the respective reporting dates. There were no transfers between the levels of the fair value hierarchy during the reporting period.

The key risk variable for equity instruments held by the company is the corresponding enterprise value. A sensitivity analysis is used to present the effects of a change in the risk variables on profit after tax. If the assumed enterprise values had been 10\% higher as of June 30, 2024, profit after tax would have been $€ 9$ million (prior year: $€ 5$ million) higher. If the assumed enterprise values had been 10\% lower as of June 30, 2024, profit after tax would have been $€ 9$ million (prior year: $€ 5$ million) lower. If the assumed enterprise values had been 10\% higher as of June 30, 2024, equity would have been $€ 26$ million (prior year: $€ 8$ million) higher. If the assumed enterprise values had been 10\% lower as of June 30, 2024, equity would have been $€ 26$ million (prior year: $€ 8$ million) lower.

12. STATEMENT OF CASH FLOWS

The statement of cash flows shows the cash inflow within the Porsche AG Group. Cash and cash equivalents according to the statement of cash flows comprise bank balances, checks, cash on hand, time deposits with an original contractual term of up to three months and funds due on demand.

( million	Jun. 30, 2024	Jun. 30, 2023
Cash and cash equivalents as reported in the statement of financial position	4,590	1,646
Cash and cash equivalents classified as held for sale	6	17
Cash and cash equivalents as reported in the statement of cash flows	4,596	1,664

13. SEGMENT REPORTING

The segments are based on the internal management and reporting within the Porsche AG Group. This takes into account the group objectives and policies set by the Executive Board of Porsche AG. Segment reporting is made up of the two reportable segments automotive and financial services.

The activities of the automotive segment cover the development, manufacturing and sale of vehicles as well as related services.

The activity of the financial services segment comprises customer and dealer financing, the leasing business as well as mobility services and other finance-related services.

The purchase price allocation from acquired companies is directly allocated to the corresponding segments.

In the Porsche AG Group, the segment result is determined on the basis of the operating profit after tax.

Reconciliation includes consolidation between the segments.

The business relationships between the companies of the segments of the Porsche AG Group are generally based on arm's length prices.

Reporting segments H1 2024

( million	Automotive	Financial services	Total segments	Reconciliation	Porsche AG Group
Sales revenue from external customers	17,625	1,832	19,457	-	19,457
Intersegment sales revenue	70	62	132	$-132$	-
Total sales revenue	17,695	1,894	19,589	$-132$	19,457
Segment profit (operating profit)	2,904	129	3,032	29	3,061
Depreciation and amortization	1,364	447	1,811	$-16$	1,796
Impairment losses	0	87	87	-	87

Reporting segments H1 2023

		Financial			Porsche AG
	Automotive	services	Total segments	Reconciliation	Group
Sales revenue from external customers	18,837	1,594	20,431	-	20,431
Intersegment sales revenue	55	58	113	$-113$	-
Total sales revenue	18,892	1,652	20,544	$-113$	20,431
Segment profit (operating profit)	3,653	174	3,827	25	3,852
Depreciation and amortization	1,176	435	1,610	$-16$	1,594
Impairment losses	-	75	75	-	75

Reconciliation

		H1 2024	H1 2023
Segment profit (operating profit)		3,032	3,827
Consolidation		29	25
Operating profit		3,061	3,852
Financial result		33	130
Consolidated profit before tax		3,095	3,982

By region H1 2024

		Europe	North	China $^{2}$	Rest of the	Hedges sales	Porsche AG
	Germany	without	America $^{1}$		world	revenue	Group
Sales revenue from external customers	2,697	4,763	5,770	3,536	2,763	$-72$	19,457

${ }^{1}$ Excl. Mexico
${ }^{2}$ Incl. Hong Kong

By region H1 2023

		Europe	North	China $^{2}$	Rest of the	Hedges sales	Porsche AG
	Germany	without	America		world	revenue	Group
Sales revenue from external customers	2,417	4,309	5,717	5,360	2,963	$-334$	20,431

${ }^{1}$ Excl. Mexico
${ }^{2}$ Incl. Hong Kong

Sales revenue is allocated to the regions in accordance with the destination principle.

14. RELATED PARTY DISCLOSURES IN ACCORDANCE WITH IAS 24

Since August 1, 2012, Volkswagen AG had held 100\% of the shares in Porsche AG via Porsche Holding Stuttgart GmbH. On September 28, 2022, Volkswagen placed 25\% of the preferred shares (including surplus allocation) of Porsche AG with investors. Since the following day, these preferred shares have been traded on the stock exchange. The basis for the IPO was a comprehensive agreement on the conclusion of several contracts between Volkswagen and Porsche SE. In this connection, both parties agreed, among other things, that Porsche SE acquire 25\% of the ordinary shares in Porsche AG plus one ordinary share of Volkswagen. Please see also the explanations in the consolidated financial statements as of December 31, 2023.

As of the reporting date, Porsche AG remains a subsidiary of Porsche Holding Stuttgart GmbH. In connection with the IPO and the sale of ordinary shares in Porsche SE, Volkswagen AG and Porsche SE agreed on a significant participation of representatives of Porsche SE on the Supervisory Board of Porsche AG. Final decision-making rights of the shareholder representatives on the Supervisory Board determined by Volkswagen with regard to directing relevant activities within the meaning of IFRS 10 at Porsche AG continue to result in the control of Porsche AG by Volkswagen AG.

Porsche SE holds the majority of voting rights in Volkswagen AG.

The creation of rights of appointment for the State of Lower Saxony was resolved at the extraordinary general meeting of Volkswagen AG on December 3, 2009. This means that, even though it holds the majority of voting rights of Volkswagen AG, Porsche SE cannot determine the majority of the members of Volkswagen AG's supervisory board for as long as the State of Lower Saxony holds at least 15\% of Volkswagen AG's ordinary shares. The Porsche SE group (Porsche SE) is therefore classified as a related party as defined by IAS 24.

Related parties

	Supplies and services rendered		Supplies and services received
€ million	H1 2024	H1 2023	H1 2024	H1 2023
Porsche SE	2	1	-	-
State of Lower Saxony, its majority interests and joint ventures	-	0	-	-
Volkswagen AG - Group	2,443	2,414	3,511	3,591
Porsche Holding Stuttgart GmbH	-	2	-	-
Non-consolidated entities	48	81	106	100
Joint ventures and their majority interests	1	1	32	30
Associates and their majority interests	2	3	66	70
Members of the Executive Board and the Supervisory Board Porsche AG	2	1	-	-

	Receivables		Liabilities
€ million	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Porsche SE	0	0	0	0
State of Lower Saxony, its majority interests and joint ventures	-	0	-	-
Volkswagen AG - Group	4,546	6,399	1,972	2,015
Porsche Holding Stuttgart GmbH	-	-	67	67
Non-consolidated entities	848	708	92	147
Joint ventures and their majority interests	60	60	11	6
Associates and their majority interests	139	137	88	115
Members of the Executive Board and the Supervisory Board Porsche AG	0	0	0	-

Receivables from the Volkswagen AG Group largely relate to cash pool receivables of €2,614 million (December 31, 2023: €4,064 million), loans granted of €231 million (December 31, 2023: €530 million) and trade receivables of €380 million (December 31, 2023: €407 million). Receivables from non-consolidated subsidiaries primarily result from loans granted of €747 million (December 31, 2023: €624 million) as well as from trade of €37 million (December 31, 2023: €34 million).

Transactions with related parties are regularly conducted at arm's length.

The maximum credit risk for financial guarantees issued to joint ventures amounted to €54 million (prior year: €63 million).

From January to June, the Porsche AG Group made capital contributions at related parties of €68 million (prior year: €103 million).

During the reporting period, the members of the Executive Board of Porsche AG were granted performance shares as long-term variable remuneration under the Executive Board remuneration system. Please see also the explanations in the remuneration report as of December 31, 2023.

15. LITIGATION

As described in the notes to the consolidated financial statements as of December 31, 2023, in the course of their operating activities, Porsche AG and the companies in which it holds direct or indirect interests are involved in a large number of legal disputes and official proceedings, both in Germany and abroad. Compared to these detailed explanations contained in the 2023 consolidated financial statements under "Litigation", the following significant changes have occurred during the year, as described below.

Antitrust investigations: SCR systems

In July 2021, the EU Commission, as part of a settlement decision, imposed a fine of €502 million on the three brands of the Volkswagen Group concerned (Volkswagen AG, AUDI AG, Porsche AG). The subject matter of the European Commission's decision regarding the fine is the cooperation between German car manufacturers regarding the development of technology to purify emissions of diesel passenger cars fitted with SCR systems that were sold in the European Economic Area. The Volkswagen Group accepted the fine decision of the EU Commission and did not appeal, thus rendering the decision legally binding. There was no recourse against Porsche AG by Volkswagen AG.

The Porsche AG Group has learned from public sources that the Brazilian antitrust authority CADE has initiated proceedings against Porsche AG, among others, on the grounds of an alleged unlawful exchange of information, possibly based on the EU subject matter. Porsche AG has not yet received any notifications or further information.

Antitrust investigations (recycling of end-of-life vehicles)

In March 2022, the European Commission and the Competition and Markets Authority (CMA), the English antitrust authorities, searched the premises of various automotive manufacturers and automotive industry organizations and/or served them with formal requests for information. Volkswagen AG has received a group-wide information request from the European Commission and the CMA. The investigation concerns European, Japanese, and Korean manufacturers as well as national organizations operating in these countries and the European organization European Automobile Manufacturers' Association (ACEA), which are suspected of having colluded from 2001/2002 to the present not to pay for the services of recycling companies that dispose of end-of-life vehicles (ELVs). Also alleged is an agreement to refrain from competitive use of ELV issues, that is, not to publicize relevant recycling data for competitive purposes. The violation under investigation is alleged to have taken place in particular in working groups of the ACEA. A response was given to the European Commission's and the CMA's information requests. Neither provisions nor contingent liabilities have been recognized it is not currently possible to assess these proceedings.

In the same context, the South Korean antitrust authorities (KFTC) conducted searches at Porsche Korea and issued requests for information, which were answered by Porsche Korea. Neither provisions nor contingent liabilities have been recognized as it is also not currently possible to assess these proceedings.

Further disclosure in respect of estimates

In accordance with IAS 37.92, no further disclosures are made in respect of estimates of the financial impact or disclosures relating to uncertainties surrounding the amount or timing of provisions and contingent liabilities in connection with material litigation, so as not to prejudice the outcome of the proceedings or the company's interests.

16. CONTINGENT LIABILITIES

As of June 30, 2024, there were no material changes to the contingent liabilities as reported in the 2023 consolidated financial statements.

17. OTHER FINANCIAL OBLIGATIONS

Other financial obligations increased by $€ 440$ million to $€ 5,832$ million overall compared to the 2023 consolidated financial statements. The increase is primarily attributable to obligations from development, supply and service agreements.

18. SUBSEQUENT EVENTS

There were no events of significance for the results of operations, financial position and net assets after June 30, 2024.

RESPONSIBILITY STATEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the condensed interim consolidated financial statements prepared in accordance with German accepted accounting principles give a true and fair view of the results of operations, financial position and net assets of the Porsche AG Group, and the interim group management report includes a fair review of the development and performance of the business and the position of the Porsche AG Group, together with a description of the material opportunities and risks associated with the expected development of the Porsche AG Group for the remaining months of the fiscal year.

Stuttgart, July 23, 2024

Dr. Ing. h.c. F. Porsche Aktiengesellschaft
The Executive Board

REVIEW REPORT TO DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT

We have reviewed the condensed interim consolidated financial statements of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Stuttgart, - comprising the condensed income statement, condensed statement of comprehensive income, condensed statement of financial position, condensed statement of changes in equity, condensed statement of cash flows as well as selected explanatory notes - and the interim group management report for the period from January 1, 2024 to June 30, 2024, which are part of the half-year financial report pursuant to Sec. 115 WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act]. The preparation of the condensed interim consolidated financial statements in accordance with IFRSs [International Financial Reporting Standards] on interim financial reporting as adopted by the EU and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the company's executive directors. Our responsibility is to issue a report on the condensed interim consolidated financial statements and the interim group management report based on our review.

We conducted our review of the interim condensed consolidated financial statements and of the interim group management report in compliance with German Generally Accepted Standards for the Review of Financial Statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance in our critical appraisal to preclude that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the EU and that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to making inquiries of company personnel and applying analytical procedures and thus does not provide the assurance that we would obtain from an audit of financial statements. In accordance with our engagement, we have not performed an audit and thus cannot issue an auditor's report.

Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the EU or that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports.

Stuttgart, July 23, 2024

EY GmbH \& Co. KG
Wirtschaftsprüfungsgesellschaft

Matischiok

Wirtschaftsprüfer
[German Public Auditor]

Arell

Wirtschaftsprüferin
[German Public Auditor]

FURTHER INFORMATION

ABOUT THIS REPORT

In this half-year financial report, Dr. Ing. h.c. F. Porsche Aktiengesellschaft is referred to as "Porsche AG". Porsche AG together with its fully consolidated subsidiaries is referred to as the "Porsche AG Group".

This half-year financial report has been prepared in accordance with the provisions of the WpHG and the German Accounting Standards Committee e. V. and represents an interim report within the meaning of International Accounting Standard (IAS) 34 Interim Financial Reporting.

The results of operations and financial position as well as selected financial information were prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. All amounts are rounded in line with common business practice; this can lead to minor differences in total amounts. The current definition of performance indicators can be found in the combined management report for 2023. The report is available on our Investor Relations homepage.
$\checkmark$ Annual and sustainability report 2023

Inclusive language is a commitment to diversity and equal opportunities. This report therefore uses gender-neutral formulations. For the sake of legibility, any exceptions only use a single form of address, be it diverse or feminine. All formulations expressly apply to all genders and gender identities equally.

LEGAL NOTICE

This document contains statements concerning the future that are based on the current assumptions and forecasts of Dr. Ing. h.c. F. Porsche Aktiengesellschaft. Various known and unknown risks, uncertainties, and other factors can cause the actual results, results of operations, financial position and net assets, development, or performance of Dr. Ing. h.c. F. Porsche Aktiengesellschaft and the Porsche AG Group to deviate considerably from the estimates presented herein (both positively and negatively). Porsche AG is under no obligation without prejudice to existing obligations under capital market law - and does not have the view to update statements concerning the future or correct them if the development differs from the expected result. This document uses notices and links to refer to websites containing further information outside of
this publication. This is merely for supplementary purposes and is exclusively for the simplified access to information. The information contained on the websites in question are not part of this report. This document is an English translation of the original report written in German. In the case of any deviations, the German version of the document shall take precedence over the English translation. Due to technical reasons, there can be deviations between the accounting records contained in this document and those released due to legal requirements.

FINANCIAL CALENDAR

The current financial calendar can be found on the Investor Relations homepage of Porsche AG together with a range of other services including information on quoted market prices, corporate presentations and further overviews of key figures.
$\nearrow$ investorrelations.porsche.com/en

LEGAL NOTICE

Publisher

Dr. Ing. h.c. F. Porsche Aktiengesellschaft
70435 Stuttgart Germany
Tel. +49 711 911-0

Investor Relations contact

capitalmarkets@porsche.de
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