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

Annual Report • Mar 12, 2025

Our inseparable, clearly identifiable identity remains intact even when everything around us is changing.

CONTENTS

Dynamically Porsche

The biggest year of product launches in Porsche
history was 2024. Chairman of the Executive
Board Oliver Blume discusses the power of identity,
strategies, and passion.

Mr. Blume, what makes a Porsche a Porsche?

Porsche is a way of life, and each and every one of our products embodies this. We represent performance and passion, sustainability and extraordinary experiences, inspiring fans all over the world. It's this combination that defines Porsche.

How exactly do you do that?

With clear criteria: Criteria for distinctive design, for performance, and the driving experience. Our vehicles are technical masterpieces-right down to the smallest detail. And to make them takes expertise. Not to mention a determinstion to keep innovating, and to keep inspiring people, time and time again. And with instinct, ensuring that Porsche always remains Porsche. Take, for instance, our icon-the 911. We're currently in the eighth generation. And we've continued to develop it, making it better and better. At its core, the 911 has remained true to itself-for more than 60 years. Its original identity has stood the test of time. Driving a Porsche should always be an unforgettable experience. If there's a smile on my face after a test drive, it means we've done everything right as a team. And that's something our fans all over the world can feel. That's typical Porsche.

Combining tradition and innovationwhat exactly does that look like?

The values I've just described define our brand. They've transformed our products into driving icons. Every new development needs to fulfill this objective and carry it into the future. Take, the new 911. Camera GTS. For the first time, it comes with a hybrid drive-an ultra-lightweight performance hybrid system, inspired by motorsport. The technology is
groundbreaking, and perfectly complements the overall concept, giving the 911 even more power and further enhancing the driving dynamics. Or the 911 GTS, which has delivered a totally unadulterated driving experience for the past 25 years. It combines racing genes with everyday usability. And that's exactly what we're now emphasizing even more. The new GTS is even more emotive. And we go even further in tailoring it to the individual wishes of our customers.

Porsche has overhauled its model range in a very short period of time. That's quite a feat.

It certainly is. We revamped four of the six model lines in 2004. The Panamera, the Taycan, the 911, and the Macan. That was no easy task. Modernizing our line-up so comprehensively required a great deal of effort and money. But it was well worth it. Our portfolio now is the youngest and strongest in Porsche history. With every new car, we've developed trailblazing innovations and set benchmarks.

Porsche is a way of life, and each and every one of our products embodies this.

Oliver Blume

What makes this model overhaul so ambitious?

It's a challenge in more ways than one. To start with, the new products need to be developed on schedule-and to fulfil the extraordinary quality standards for which Porsche is known. Then our plants need to be able to accommodate the demanding ramp-up in production. And finally, there's the distribution: While the predecessor is gradually phased out worldwide, the new model is launched step by step. This transition needs to be managed perfectly. And it all needs financing at the same time. That's challenging enough with one new model, but we had four in 2024, in quick succession. I think it's safe to say that Porsche delivered.

All of the new launches are reflected in the sales figures. After so many record-breaking years, you had to accept a setback in terms of the financial results.

It was an extremely challenging year for the European automotive industry as a whole in 2024. We were expecting that, but the situation worsened throughout the year. We are experiencing a massive drop in demand in the luxury segment in China. Plus, costs have increased in many areas, especially in the supply chain. Still, we followed through with our year of product launches as planned, and we made great strides in the development of innovative products and services. Considering the situation we find ourselves in, what we accomplished is nothing short of spectacular. And all credit goes to our team for this extraordinary achievement.

A look at the world map reveals a dramatic shift in sales distribution. What's the strategy behind this development?

Over the years, we at Porsche have made a real effort to balance sales across regions around the world. For example, we've strategically invested in the regions of South Korea, the ASEAN states, the Middle East, Brazil, and Mexico.

And it's now paying off because we were able to compensate for much of the decline in China with other regions. We remain true to our objective, "Value over Volume," Value-oriented, sustainable growth is more important to us than quantity.

When it comes to electric mobility, different regions around the world are developing at very different rates. How do you deal with that?

Electric mobility is the technology of the future. At the same time, Porsche is flexibly positioned. This is important when it comes to meeting the needs of the different regions, which are developing at different rates. For individual model lines, our customers will therefore be able to choose between efficient internal combustion engines, high-performance plug-in hybrids, and all-electric models well into the 2030s.

Can you be more specific?

In terms of sports cars, we offer the 911 with a six-cylinder boxer engine and as a sports hybrid. There will be the all-electric 718 Booster and Cayman. In the SUV segment, we have the all-electric Macan as well as the Cayenne, which is available with an internal combustion engine or as a plug-in hybrid, and in the future will also be offered in all-electric form. And as far as sports
sedans are concerned, the Taycan represents electric performance, while the Panamera is available with an internal combustion engine or as a hybrid.

And the "double E" strategy-electric and eFuels-continues?
Absolutely. In our view, synthetic fuels do not directly compete with electromobility, but they are a practical addition for the transition phase. This transition will take quite some time: ef uels could be used in the existing fleet without any technical limitations. Currently, too little of these synthetic fuels are produced around the world.

Porsche offers its customers more than just a wide selection of drives to choose from. You've also significantly expanded the options available for vehicle customization.

That's right. And there, too, we draw from Porsche's history. The Sonderwunsch program, for example, goes all the way back to the late 1970s. Since then, we've built on and updated the program, and of course expanded and modernized the range of options. It means that our customers can incorporate some of their own personality into their dream car. The possibilities are virtually endless-right down to a totally individual one-off car. And we plan to continuously expand our product range with Porsche Exclusive Manufaktur.

Innovatively Porsche

The automotive industry is undergoing an epochal shift.
Digitalization inside the vehicle goes even further than electric
mobility-and requires a whole new way of thinking.
Executive Board members Michael Steiner (Research and
Development) and Sajjad Khan (Car-IT) explain more.

Mr. Blume, what does the digital transformation mean for Porsche generally speaking?

GUARA BLUME We have a fundamentally different way of thinking today. The motto used to be "Hardware first." Software was only introduced during the development process. These days, software defines the central requirements of a new vehicle from the very start. This new way of thinking is primarily an issue of mindset-throughout the industry, not just at Porsche.

Mr. Steiner, Mr. Khan, the two of you are promoting this change in development at Porsche together. How will a "software-defined

Porsche" be different in the future?
MONAL STEME It will be a vehicle that's devel-
sped and produced in accordance with the very highest quality standards and delivers extraordinary performance and a one-of-a-kind driving experience. So exactly what Porsche has represented for more than 75 years. That will always be our objective. And what our customers expect of us. We're creating exciting experiences-with first-class hardware, software, and digital services.

We're creating exciting experiences-with firstclass hardware, software, and digital services.

Michael Steiner and Sajjad Khan

SAJAD KHAN I couldn't agree more. Of course, the software itself has to be excellent. But how it's integrated ultimately makes all the difference. Good software has to offer real added value, harmonize perfectly with vehicle components, and in the end represent a desirable overall package.

MONAL STEME In other words, not much has changed in terms of our vision. But the path there is different. In software development, we've moved away from the long-term cycles of the past. It's an ongoing process. And that requires a high degree of flexibility and agility throughout the organization.

That sounds like a cultural change ...
SAJAD KHAN That's exactly what it is. We have clear visions for the software of our future sports cars. When it comes to implementation, our teams work in a model of "liquid organization": no silos, reduced hierarchy, and lots of content. This type of organization allows us to respond more dynamically and quickly to market changes and technological developments.

You're working with partners more and more these days, especially in the digital sphere. What are you hoping to achieve?

MONAL STEME Partnerships are an opportunity to increase speed, improve competitiveness, and develop expertise internally. To advance at a faster pace, it sometimes makes sense to work with external partners. Especially in the digital sphere, there's no need to redevelop everything ourselves from the ground up. Whenever the opportunity presents itself to benefit and learn from the expertise of others, that's what we do. But we also go out looking for competition in the areas we're especially strong in ourselves.

Digital assistants are invisible codrivers and bodyguards.

Oliver Blume

How do you preserve Porsche's unique identity in a construct like that?

SA1160 KNMR I prefer to explain that using an example from the food and beverage industry. Good ingredients are key. But it takes an extraordinary chef to turn them into something special that inspires the guests. Something that no one else can do. Applied to our software, it all comes down to how well it's integrated into our customers' vehicles and how it makes the driving experience even better. Who developed which components plays a much less important role.

Speaking of the Porsche driving experience, what makes it so unique?

MIOMAIL STEAMER We organize everything else around the driving experience. Thanks to intelligent software, we already perform very well in areas like driving dynamics and energy management, both of which will distinguish Porsches in the future.

SA1160 KNMR The Porsche Driver Experience engages all five senses. The role of voice control will continue to grow in the future, but the visual, acoustic, and tactile design of the system is also important. Artificial intelligence will play an increasingly important role in simplifying interaction with the vehicle and improving operation, making it as easy and intuitive as possible.

But will a Porsche still be a car you primarily want to drive yourself?

SL1160 BLUME Absolutely. We use all the options that new digital systems offer us. Our technology should optimally support the driver at all times-not replace them. It's not a competitor. It's a good partner. Digital assistants are invisible codrivers and bodyguards.

Mr. Blume, you come here often. Why is that?

BUNER BLUMS It's important to me to maintain close contact with Michael and his team. Even for issues beyond mere coordination of new products. We've come to realize that design can do so much more than just styling our sports cars.

How do you mean?

BUNER BLUMS Our design strategy serves as a guideline that we want to apply at the company far beyond the confines of design. It represents a clear added valued for the long-term position of our brand. Simply put, design experts develop brand strategies that we aim to use as a type of brand compass throughout the company-regardless of the actual product design. The aim is to ensure a consistent brand feeling that's perceived the same way across all touchpoints with the Porsche world.

That's quite an undertaking, isn't it, Mr. Mauer?

METHOD, MAUER It certainly is. Continuit and consistency are part of our brand identity. Defining them carefully and carrying them into the future is a fundamental, strategic task. Rather than redefining everything anew Porsche simply continues to develop what already works well. A long-term strategy is very important. It ensures a consistent and innovative way of thinking that aligns with the brand, and allows all of us at the company to move in the same direction. I'm delighted that we're working with many other areas of the company to expand the strategy expertise derived from the design.

Let's talk about concrete processes.

How does the strategic aspect fit in to vehicle design?
METHOD, MAUER We've defined three terms for the design that describe our brand values, regardless of the models and derivatives: focus, purpose, and tension. They form the core of our strategic thought process. On that basis, we develop concrete designs on a product level. For example, these attributes come into play when we discuss the design of the display

Olive Blume [left] and Head of Design Michael Mauer: we reach more than just vehicle styling.
behind the steering wheel. In this context, focus means that we focus clearly on the driver and tailor the display to their specific needs. The result is our so-called curved display.

Let's leave the result aside far

just a moment and go back to the beginning. How does Porsche begin the design process for a certain model?
METHOD, MAUER Sketching with pencil and paper-or a tablet and stylus pen-is actually still the most important starting point when it comes to finding or visualizing ideas. It depends on whether there's a predecessor model or we're creating a brand-new product. Above all else, I need to be able to recognize immediately that it's a Porsche.

The Porsche identity, this design tradition that everything's connected to-there's nothing else like it.

What are the most important topics?

MONAS, MAIZE The early phase is largely about achieving optimal vehicle proportions. Just as the location is decisive for a piece of real estate, proportions are key when it comes to vehicle design. Proportions, proportions, and again proportions. What makes sports cars in general and Porsches in particular so special is their dramatic width-to-height ratio-regardless of the segment. This width-to-height ratio ensures that all of our products are recognisable as Porsches at first glance. Perfect proportions are the foundation of a consistent and authentic brand identity. And then there are additional details such as the abruptly sloping roofline that also characterise our vehicles. In addition to brand affiliation, we've also defined elements on the model level that, for example, clearly distinguish a 911 from a Panamera and provide every vehicle with its own character its own product identity. Here, too, we're largely guided by our design philosophy and can thus ensure that these features are established as part of our design identity over the long term.

Being creative, developing

innovations, and preserving the identity that has evolved over the years-how do you reconcile all of that?

MONAS, MAIZE It's an exhilarating task like no other. Designing a Porsche that breaks entirely with history would be a terrible idea. In fact, we go in the opposite direction. It's our job to visually present the brand in a way that is full of life, innovative, and forward-looking. To find the right balance between innovation and tradition. Here, in particular, I think the composition of the team plays a decisive role. For example, if we're working on the successor of the current 911, we intentionally bring together experienced designers and young newbies. This form of exchange is extremely exciting and creates approaches that make this balance, in particular, a reality.

You have helped shape the design culture at Porsche over the past two decades. What has changed, and what has remained the same?
second mode The designers' work has changed dramatically over the past two decades. Topics like digital applications have become a whole bit more important. They represent both a challenge and an opportunity. On the one hand, we've come to realize that the user experience-or driver experience, as we call it-is becoming more and more important for the brand. On the other, digital applications in design provide us with the opportunity to visualize our ideas very quickly. Nevertheless, I still firmly believe that allegedly outdated physical clay models play a key role in the quality of our designs. But technological advancements have certainly had the biggest influence. Electric mobility is a very good example. Elimination of the massive engine block allows us to design a much more striking hood on our sports cars. At the same time, there needs to be enough space to house the large battery, which hasn't gotten any smaller. The same goes for the manufacturing process. Today we're able to produce shapes that were once impossible in the series production process.

And what would you say about the future of design?
second mande The importance of design will only grow in the future-and not just on a product level. With our design philosophy, we've created the perfect foundation. A compass that provides the entire company with clear guidelines on the path to a consistent, emotionally charged customer experience.

BUNER BLUMS That allows us to sustainably strengthen the future viability of our brand over the long term. And there's one thing that will never change: anytime you see a Porsche somewhere in the world, you will instinctively turn around. This Porsche moment is a huge acknowledgment. Especially because we've managed to maintain this enormous level of consistency over the decades. The Porsche identity, this design tradition that everything's connected to-there's nothing else like it. It's an important incentive for many of our customers to buy.

Perfect proportions are the foundation of a consistent and authentic brand identity.

Michael Maurr

Emotionally Porsche

Like distinctive design, performance is deeply rooted in Porsche's identity. As a catalyst for technology development, motorsport has always shaped the brand. And Porsche channels these themes into experiences that are unique the world over.

We love competition, and it's also part of our identity.

Oliver Blume
any more exciting than that. But what was most important to me was that we learned from every lap and continued to develop.

Is that the primary purpose of motorsport at Porsche?

It certainly is. Matorsport drives innovation and is our most demanding test environment. Many technical developments like the turbocharger, the hybrid drive system, and the Porsche dual clutch transmission (PDK) originated from the racetrack. We even designed and developed the 800 -volt system originally for motorsport. Today, it delivers Porsche performance in the Macan and Taycan-with remarkably high charging capacities. And as well as the technical aspects, the emotion of racing is also very important to us. We love competition, and it's also part of our identity.

This feeling of being part of a global community makes Porsche something truly extraordinary.

Oliver Blume

It also excites millions of fans worldwide. Where does this passion for Porsche come from?

Porsche represents values, dreams and a passion that brings people together across generations and continents. Whether it's on the racetrack or at one of the many Porsche events around the globe, this real love for the brand is the force that unites the Porsche community. The solidarity and cohesion create a unique atmosphere. This feeling of being part of a global community makes Porsche something truly extraordinary.

How does Porsche actively

promote that?

It's about the shared experience, especially when it comes to younger target groups. It's these special Porsche moments that leave a lasting impression and that people enjoy sharing, which is why we create experiences at every touchpoint with our brand. Whether it's the first contact at one of our new Porsche Studios or during intensive driver training.

Porsche Experience Centers (PECs) play a key role. The concept goes quite a long way back, doesn't it?

Yes, the first driver training courses were offered in the 1950s. The Porsche motorsport school was founded in 1974 and was linked to the first 911 Turbo. You had to learn how to master it -turbo lag being a key topic there. Of course, things have changed a lot since then, and turbo lag is no longer a factor, thanks to the electric turbocharger of the new 911 Carrera GTS with its performance hybrid system. But the idea behind the PECs remains the same. To understand what a Porsche is really capable of, you have to push it to its limits.

What does the future of PECs look like?

In 2025, the 10th such experience center will open its doors in Toronto. The 11th is being built in Singapore. Every PEC is unique. Some are located at legendary racetracks, while others feature reproductions of famous corners or off-road tracks. What they all have in common is that the experience extends far beyond just driving. Everyone's welcome here, young or old. And you don't need to own a Porsche either. This openness is an integral part of the global Porsche community's identity and it shapes our brand.

The identity of Porsche includes a commitment to value-driven and brand-appropriate growth. Sales figures alone are not a benchmark for us. That's especially true at times like these when global challenges are on the rise, making linear growth very difficult. At the same time, success increasingly requires a strong brand, which is why we will remain true to our tried-and-rested approach even in the future: to always produce one vehicle fewer than the market needs. Unwcth at any cost is not how we do things. We're much more interested in following the principle of "Value over Volume," which means we focus on the value our vehicles contribute. If it's high, all of the stakeholders benefit the employees, customers, and shareholders.

02 LUXURY

At Porsche, the vehicle itself has always taken precedence. With its unmistakable design and extraordinary performance, it represents the epitome of luxury. That must and will always be our ideal. We will never lose sight of the iconic brand or the cultural legacy. Porsche also offers its customers unique experiences and an extraordinary community. Purchasing a Porsche automatically makes you a member of the Porsche family. "It's not what you buy, but what you buy into"-that's how we define luxury.

Customer engagement and support are important. Our aim is to fulfill-or even exceed Porsche customers' highest expectations everywhere and at all times. That also applies to the brand's attention to detail and the quality of the craftsmanship and materials. If this is your top priority, you'll ultimately create a product with maximum appeal and quality.

MAGAZINE	Lutz Meschke
TO OUR SHARKHOLDERS	Deputy Chairman of the Executive Board and Member of the Executive Board responsible for Finance and IT (until February 25, 2025)
Letter from the Executive Board
1 Members of the Executive Board
Parache in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATICN
Annual and Summarily Report Parache 25

How would you characterize yourself?

Someone with clear boundaries. Challenging and supportive. I am always candid and I speak transparently-to colleagues on all levels.

Who has inspired you the most?
My childhood skid the soccer player Günter Netze. His techniqus and understanding of the flow of the game were univaded. He was unorthodox. He was also able to just let some things pass. Nevertheles, he proved himself beyond a doubt and everyone followed his lead, both on and off the pitch. I met him in person a few years ago. I am pleased to say that he lived up to his reputation.

What characteristics must your department preserve
into the future?
In the past, for the most part, Finance was only responsible for bookkeeping and strict cost management. Today, it is the company's strategic capital. It is important to me that the deparment is not merely seen as an administrative database. It should be seen as an internal adviser and a confident driving force that helps to form strategic decisions. To other departments, it is an equal partner that helps implement projects, business models, and strategic initiatives.

And where is there a need to go back to the drawing board? The world has become more complex and volatile-and in turn less predictable. Disruptive events like pandemics, breaks in global supply chains, or geopolitical changes are happening more and more frequently. That's why we have structured our processes to be significantly more flexible than in the past, especially with regard to planning and forecasting, as these play a key role in corporate governance. We even use new technology, such as Al, to do this. It provides unparalleled opportunities that we absolutely must seize.

We are an internal adviser and a confident driving force that helps form strategic decisions.

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MAGAZINE	Member of the Executive Board
	responsible for Procurement
TO OUR SHARKHOLDERS
Letter from the Executive Board
1 Members of the Executive Board
Parache in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMMAND MANAGEMENT
REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATIEN
Annual and sustainability Report Parache 90	It is crucial to never lose sight of opportunities, even in challenging situations.

Barbara Frenkel

Member of the Executive Board responsible for Procurement

How would you characterize yourself?

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

Who has inspired you the most?

I am inspired by people who excel and make their dreams come true despite adversity. It could be a handicapped athlete who wins an Olympic medal. Or Sally Ride, the first American female astronaut. She had to overcome a lot of obstacles to make her greatest dream come true. I like to be inspired by thrilling sto-
rise-at certain stages in life or in certain situations.

What characteristics must your department preserve
idea the future?
Resilience, especially personal resilience, is crucial. After all, we are constantly forced to deal with change and challenges to the point of crisis management. We also support suppliers in financially strained situations. This requires not only professionalism, but also a strong sense of responsibility, in order to obtain the best outcome possible for the companies involved.

And when is there a need to go back to the drawing board? The transformation of our industry requires us to modify our supply chains and, in some cases, restructure them to be even more resilient. It is important to recognize and utilize opporunities: attract new, innovative, and suitable suppliers, cultivate partnerships, formulate efficient contracts, and accelerate development processes.

MAGAZINE
TO OUR SHARKHOLDERS
Letter from the Executive Board
1 Members of the Executive Board
Parache in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMMAND MANAGEMENT
REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATIEN
Annual and
Commodity Report
POURTH

Andreas Haffner

Member of the Executive Board
responsible for Human Resources
and Social Affairs

We need empathy, especially in the age of artificial intelligence and digitalization. To be able to think and act as a team. That makes us unbeatable.

MAGAZINE	Sajjad Khan
TO OUR SHARKHOLDERS	Member of the Executive Board
Letter from the Executive Board	responsible for Car-IT
1 Members of the Executive Board
Porsche in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMBINED MANAGEMENT
REPORT
NON-FINANCIAL STATISMEN
(part of the Combined Management Report)
CONSOLIDATES FINANCIAL
STATEMENTS
FURTHER INFORMATION

How would you characterize yourself?

I see technology as a transformative force and turn innovations into real solutions for our customers. My approach is vision based, yet also strongly, aligned with the Porsche experience. These collaboration with fellow experts is of particular importance to me. This is the only way to overcome complex challenges. My goal is to shape the digital future of Porsche and, in so doing, preserve the unique identity of the brand.

Who has inspired you the most?
Korrad Adenauer's ability to set clear goals in a time of upheaval and then work to accomplish them with equal amounts of vision and pragmatism was inspiring. In particular, I was struck by his confidence in Germany's capacity to flourish again and become an economically strong country, even after such difficult times. Adenauer had the courage to move in new directions without straying from his country's values. This quality is just as relevant today, especially in an industry that is currently reinventing itself.

What characteristics must your department preserve
into the future?
Software development at Porsche should remain focused on maximum creativity, functionality, and customer centristity in the future. Not unlike a well-balanced meal, it is all down to the optimal integration of digital technology. To date, no one has created a car quite like the Porsche F11. Our task is to take this icon into the future with innovative software. The crucial part remains finding the perfect harmony between the software and all the other components of the car.

And where is there a need to go back to the drawing board? You need the right incident to develop a software-defined vehicle: software must be part of the development process from the outset. That's why we are transitioning to a software-first approach, supported by flexible working models like the "liquid organization." This enables teams to collaborate in an agile man ner across departments and respond to changes in the market with greater speed. In this context, it is important to actively involve employees in order to drive this cultural change.

We all must work together to shape the digital future of Porsche. Together and on a par with experts from all fields.

MAGAZINE	Detlev von Platen
TO OUR SHARKHOLDERS	Member of the Executive Board
Letter from the Executive Board
1 Members of the Executive Board
Parache in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMBINED MANAGEMENT
REPORT
NON-FINANCIAL STATISMEN
(part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION

The need to excite customers is what drives us mostwith an extraordinary product and brand experience that gets their pulses racing.

Detlev von Platen

Member of the Executive Board
responsible for Sales and Marketing
(until February 25, 2020)

How would you characterise yourself?

As open-minded and cosmopolitan-if only because of my international background. I value different perspectives, listen, and am able to put myself in the shoes of the person I am talking to. I am a pragmatic team player and am always focused. like to think I'm always two or three steps ahead. I love a chatlenge and new things, and I never want to remain static. There is only one of me, by which I mean that I am authentic. And I never lose my sense of humor.

Who has inspired you the most?
I am not thinking about one person in particular. Instead, I think that motorsport is a great example for me of the right mindset. I can feel that irrepressible joy of always wanting to compete against the best with lots of possessing spirit, even more passion, and yet still-despite any success-always a degree of humility.

What characteristics must your department preserve into the future?
To be open, to listen, and to learn from others. To stride forwards with courage, remain positive, and never give up. We must learn the right lessons from defeats and share success stories with others. Even in challenging times, our dreams inspire us to continue on our path-as a promise of an extraordinary brand and product experience.

And where is there a need to go back to the drawing board? Whenever there is change, it is clear that the customer will always remain the top priority, even in the future. Otherwise, there are no barriers to our thinking. Barriers don't suit my personality. Change is happening at an increasing pace and ill-based tools are becoming ever more important to us, as they are in all areas of the company. Customers should be able to come into contact with the ProLore brand anytime and anywhere. Online offerings and the physical world of ProLore transition seamlessly into one another, but I see a lot of scope for innovation here.

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MAGAZINE
TO OUR SHARKHOLDERS
Letter from the Executive Board
1 Members of the Executive Board
Parache in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMBINED MANAGEMENT
BEPORT
NON-FINANCIAL STATISMEN
(part of the Combined Management Report)
CONSOLIDATES FINANCIAL
STATEMENTS
FURTHER INFORMATICN

Albrecht Reimold

Member of the Executive Board
responsible for Production and Logistics

How would you characterize yourself?

I would describe myself as setting clear targets, leading the team by example with my own attitude, and showing appreciation. As I always say, "You have to be in love with success." This positive attitude brings success both individually and to the entire team, professionally as well as personally.

Who has inspired you the most?
I have been inspired by the American athlete Dick Posbury. He revolutionized high jumping with the "Posbury Pigs," a technique consisting of a backwards fisp. His style was initially met with ridicule, but is now standard practice in the high jump event. I have retained this principle of taking new approaches and utilizing innovations throughout my professional career. Even after decades in automobile manufacturing, the phrase "We've always done it that way" has never entered my vocabulary. I enjoy trying new things with my team.

What characteristics must your department preserve
into the future?
Constant self-scrutiny has always been a hallmark of Parache production. A good example of when we demonstrated this was when we started manufacturing the Tapvan, when we built a factory within a factory in Zufferthausen. Despite the limited space, we managed to build a cutting-edge facility in no time. We must preserve this attribute as we need into the future, in order to realize the dreams of our customers through innovations. The important thing is that this can only be done through close collaboration with other departments such as Technical Development, Sales, and Procurement.

And where is there a need to go back to the drawing board? Our industry is currently undergoing the greatest transformation in its history-in terms of electric mobility, software and connectivity, but also production. We must forge ahead with the fully networked smart factory, both through the use of cloud solutions and ill as well as with regard to production processes. In the future, it will offer tremendous potential to head in new directions. To me, personally, it is extremely important that sustainability plays a key role in all innovations. Long-term entrepreneurial success can only be achieved through sustainable production-iterially.

Setting clear targets, leading the team by example with my own approach, and showing appreciation.

MAGAZINE	Michael Steiner
TO OUR SHARKHOLDERS	Member of the Executive Board
Letter from the Executive Board	responsible for Research and Development
1 Members of the Executive Board
Porsche in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
COMBINED MANAGEMENT
REPORT
NON-FINANCIAL STATISMEN
(part of the Combined Management Report)
CONSOLIDATED FINANCIAL
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FURTHER INFORMATION

Michael Steiner

Member of the Executive Board
responsible for Research and Development

How would you characterize yourself?

I work with passion and a clear focus on the future and development of Porsche. I think it is important to push forwards with technical innovations without losing sight of the essence and tradition of the brand. I value pression and attention to detail, especially when it comes to realizing complex concepts in exclusive sports cars. I am driven by the challenge of combining the tried and tested with the new, and leading Porsche into a more sustainable future.

Who has inspired you the most?
Withain Conrad Blimpers inspired me with his curiosity and application of theoretical models from nature. His X-rays made the invisible visible through experimental evidence. His approach really motivates me to understand complex technology and topics on a daily basis. This understanding is the foundation of the creativity that we need in order to develop innovations.

What characteristics must your department preserve
into the future?
At Porsche, Technical Development must preserve its pioneering spirit and culture of innovation. One of our greatest strengths at the Westcott Development Center is the outstanding efficiency of our vehicle development and the skill of our engineers. Our goal is still to build the openliest car in every segment. A Porsche is a marriage of driving pleasure, performance, and efficiency and gets better with every generation. This means that in the future, we will meet the changing requirements over the course of our transformation and remain true to our DNA.

And where is there a need to go back to the drawing board? The pace of innovation in the software sector is increasing all the time. We therefore have to adapt our development processes and shorten development times. Cost efficiencies and the utilization of synergies remains crucial. Strategic partnerships help us focus on the essentials while increasing internal value creation in central areas. At the same time, data-driven development is indispensable for making the increasing complexity manageable.

An understanding of complex technology paves the way for creativity and innovation.

MAGAZINE

TO OUR SHARKHOLDERS

Letter from the Executive Board
Members of the Executive Board
Parache in the capital market
Report of the Supervisory Board
Members of the Supervisory
Board
CORPORATE GOVERNANCE
CORRENED MANAGEMENT
REPORT
NON-FINANCIAL STATEMENT
(part of the Combined Management Report)

CONSOLIDATED FINANCIAL
STATEMENTS

FURTHER INFORMATION

UNIT

THE

Changes to the Executive Board at Porsche: Jochen Breckner has assumed responsibility for Finance and IT, and Matthias Becker is now in charge of Sales and Marketing. They succeed Lutz Meschke and Detlev von Platen, who left the company by mutual agreement.

Jochen Breckner

Member of the Executive Board
responsible for Finance and IT
(since February 26, 2020)

How would you characterize yourself?

I am level-treated and deliberate, down to earth and economical, but not miserly - quintessentially Swabian, both at work and at home with my family, Apolitical and always interested in the matter at hand and the best solution. Putting my heart and soul into representing the business conscience of the company has always been important to me in a variety of roles - and it still is.

Who has inspired you the most?

I have always been fascinated by jazz musicians, how they play together, improves, and dare to try something new on the spur of the moment, all while being able to rely on each other. And by how something that might seem chaotic at first ultimately becomes something great. That is art in its truest sense. Applying this notion to a professional environment, I am fascinated when people improvise, react appropriately, remain flexible, and keep on finding new solutions, even if the situation seems challenging at first glance. Jazz musicians can teach you to establish structures quickly even in supposedly chaotic and dynamic situations.

Resume

Born in Stuttgart
Student business administration at the
University of Stuttgart
Juried Porsche as an intern in Controlling
Conroller of subsidiaries
Assistant to the Chairman of the Executive
Board
Head of Subsidiary Controlling
Head of Product Controlling
Head of Controlling
Head of General Secretary and Corporate
Development
Member of the Executive Board responsible
for Finance and IT at Porsche AG

Matthias Becker

Member of the Executive Board responsible for Sales and Marketing
(since February 26, 2020)

How would you characterize yourself?

I am athletic, genuine, and open-minded with a lot of heart and passion. Structured but also creative. My family and friends
matter a lot to me, and I value legally highly. Teamwork is a key aspect, as I strongly believe that we can accomplish more when we work together.

Who has inspired you the most?
As a teenager and as a student, I was very much into athletics. At the time, Carl Lewis was the dominant spinster and long jumper of his era with nine Olympic gold medals and he was named world athlete of the century in 1999. Lewis was later dethinned as the fastest spinster in the world by Uuan Bob. I like the way in which both men succeeded - they had a sporty, relaxed atitude combined with a clear focus on their goals. The goiat personal motivation and passion of both men, driven by the will to push boundaries, have shown that you can achieve a lot when you believe in your dreams and do your utmost to realize them "Follow Your Dreams"...

Resume

Born in Braunschweig
Student mechanical engineering at the Technical
University of Braunschweig
Internship, Volkswagen de México, Puebla International trainer program, AUDI AG, Hauptstadt
Product Marketing, Audi UK, Milton Keynes
Sales Manager (Scandhawa, France, UK), Audi Sales Europe
Head of Sales in a joint venture with RMF-VW, Audi China, Changchun
Head of Marketing, Volkswagen Germany, Wolfsburg
Head of Sales Asia and Overseas, incl. China, Bicida Auto, Mida/Boteldar
Head of Sales, Overseas and Emerging Markets Porsche AG Stuttgart
Member of the Executive Board responsible for Sales and Marketing at Porsche AG

PORSCHE IN THE CAPITAL MARKET

MAGAZINE

TO OUR SHARKHOLDERS

Letter from the Executive Board Members of the Executive Board
1 Porsche in the capital market
Report of the Supervisory Board Members of the Supervisory
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CORPORATE GOVERNANCE

COMBINED MANAGEMENT

REPORT

NON-FINANCIAL STATEMENT

(part of the Combined Management Report)

CONSOLIDATED FINANCIAL

STATEMENTS

FURTHER INFORMATION

STOCK PRICE AND OVERALL MARKET
The most important stock-indices, such as the German stock
index D4A, the European EURO STOOL183, and the global MSO World Index, continued their trend upwards in the reporting period, building on strong performances in the previous year inflation fell significantly over the course of the year, which prompted leading central banks to announce their first interest rate cuts in 2024. The European Central Bank (ECB) brought an end to its restrictive monetary policies with an initial interest rate cut in June, followed by three more in September, October, and December. The American Federal Reserve followed suit and lowered its interest rate in September, November, and December. This created a palpable tailwind for global stock markets, which, with regard to the STOOL Europe 600, benefited companies in the banking, insurance, telecommunications, and media sectors in particular. Negative factors, such as the confrontations in the Middle East and the ongoing Russia-Ukraine conflict, had at best a short-term negative impact on the performance of the stock markets and investors, for the most part, turned out.

Stock price development in 2024

The DVA grew by a significant 18.8\% in 2024, rising above 20,000 points for the first time during trading hours on December 3. The MSO World Index also performed well with growth of 17.0\%. On the other hand, the STOOL Europe 600 Automobiles \& Paris (DVAP) and S&P Global Luxury indices-both of which are of relevance to Porsche-4M by 12.2\% and 2.5\% respectively. Following a strong start to 2024, Porsche's preferred shares were unable to maintain their upward momentum. The sluggish robust of electric mobility in Europe, high regulatory hurdles, and slowing demand for luxury goods, especially in China, created considerable headwinds over the course of the year. At the same time, the comprehensive modernization of four out of six series in the model range, which involved corresponding investments and costs, led to a decrease in the return on sales. The peak price of Porsche's preferred shares was $€ 95.24$ on April 11, 2024, compared to the lowest price of $€ 57.22$ on November 21, 2024. The year-end price of $€ 58.42$ corresponds to market capitalization of around $€ 53.2$ billion. In 2024, the average daily trading volume of Porsche preferred shares was around $€ 99$ million.

DIVIDENDS

The Executive Board and Supervisory Board of Porsche AG are going to propose a dividend of $€ 2.30$ per ordinary share and $€ 2.31$ per preferred share to the Annual General Meeting, which is set to take place on May 21, 2025. In this case, a total of $€ 2.1$ billion will be distributed to shareholders, subject to the approval of the shareholders. For notes on Porsche's sustainable dividend strategy, please refer to the condensed version of the Porsche AG HGB financial statements. $\rightarrow$ Porsche AG HGB financial
statements (condensed version)

Stock prices

Year-end price	6	$58.42$	79.90
Year high ${ }^{1}$	6	95.24	120.35
Year low ${ }^{2}$	6	57.22	79.90

Pay stock indicators

Earnings per ordinary share	5	3.94	5.66
Earnings per preferred share	5	3.95	5.67
Total number of shares	911,000,000	911,000,000
Market capitalization (Oles, 31)	6 billion	53.2	72.8
Average daily trading volume	6 million	99.0	69.0
Dividend
Disclosed per ordinary share	0	2.30	2.30
Dividend per preferred share	0	2.31	2.31
Amount paid out	6 billion	2.1	2.1
Payout ratio		$58.4^{3}$	40.7
Each share price is the closing price on 1st to at the Frankfurt Stock Exchange. $\begin{aligned} & \text { ${ }^{1}$ Proposed for the Annual General Meeting by the Executive Board and Supervisory Board. } \end{aligned}$
			Shareholder composition as of December 31, 2024 (as a percentage of share capital)

SHARE CAPITAL AND SHAREHOLDER COMPOSITION

The subscribed capital of Porsche AG, in the form of no -par
brewer shares, consists of a total of 911 million shares, of which 455.5 million are unlisted ordinary shares and 455.5 million are listed reinvoting preferred shares. Each share has a theoretical interest in the share capital of $€ 1$. Consequently, this amounts to $€ 911$ million.

The interest of Volkswagen AG, which indirectly holds 75.0\% minus one of the ordinary shares through Porsche Holding Stuttgart GmbH, remained unchanged in the reporting year, so did the interest of Porsche Automobil Holding SE, which indirectly holds 25.0\% plus one of the ordinary shares. Of the nonvoting preferred shares, around 75.8\% is indirectly held by Volkswagen AG via Porsche Holding Stuttgart GmbH, and around 24.2\% is in free float (as of December 31, 2024).

${ }^{1}$ Volkswagen AG indirectly holds its shares via Porsche Holding Stuttgart GmbH.

$\equiv Q \leftarrow \rightarrow \leftarrow$
MAGAZINE
TO OUR SHARKHOLDERS
Letter from the Executive Board Members of the Executive Board
1.	Porsche in the capital market
	Report of the Supervisory Board
Mentor of the Supervisory
Board
COMPORATE GOVERNANCE
COMBINED MANAGEMENT
BEPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION

ANHUAL GENERAL MEETING

The Annual General Meeting 2024 was held on June 7, 2024. Held virtually for the first time, it was attended by around 2,000 shareholders, shareholder representatives, and media representatives. One hundred percent of the voting capital was represented. The shareholders approved all proposed resolutions unanimously. In particular, the items on the agenda included the distribution of a dividend of $£ 2.30$ per qualifying ordinary share and $€ 2.31$ per qualifying preferred share as well as the official approval of the actions of the members of the Executive Board and Supervisory Board. Furthermore, the shareholders approved the system of remuneration for the members of the Executive Board and the remuneration-report. They also accepted the proposals of the Supervisory Board concerning the necessary Supervisory Board elections and the appointment of the auditor of the annual and consolidated financial statements.

The Executive Board of Porsche AG and members of the investor Relations department maintained a constant, trusting dialog with investors and analysts in the reporting period. They joined national and international market players in a number of discussions and explained the business model of the company as well as its current development and outlook. The dialog took place by phone, on videoconferencing platforms, and in person either in. Differthausen or on the premises of the institutional investors themselves. After the publication of each set of current figures, the Executive Board of Porsche AG was involved in direct dialog with the most important investors at road shows in New York, London, Atlanta, Shanghai, and Frankfurt. Additionally, numerous other road shows and a series of interviews with analysts and investors were held at the headquarters of Porsche AG in Stuttgart-Guffenhausen, at Porsche Experience Centers, and at the home of Porsche Exclusive Manufacture. Likewise, international events were an opportunity to hold workshops with analysts and investors, including the dealer launch of the Macao in Singapore, the "loans of Porsche" event in Dubai, and a special "Product Day", held by Porsche at Silverstone, in the UK. These focused on both new products and new technology, as well as Porsche's business in overseas and growth markets and its individualization strategy.

NOTIFICATION OF DIRECTORS' DEALINGS IN ACCORDANCE WITH ARTICLE 19 OF THE MARKET ABUSE REGULATION (MAR)

Name	Function	Type of		Appropriate	Price(s) of	Date
D). Wolfgang Porsche	Supervisory Board	Purchase	$£ 27,920.00$	$€ 28.80$	Jun. 13, 2024
D). Wolfgang Porsche	Supervisory Board	Purchase	$€ 30,104.80$	$€ 48.42$	Aug. 2, 2024
D). Wolfgang Porsche	Supervisory Board	Purchase	$€ 13,456.00$	$€ 47.28$	Aug. 5, 2024
D). Wolfgang Porsche	Supervisory Board	Purchase	$€ 19,494.00$	$€ 44.98$	Sep. 10, 2024

REPORT OF THE SUPERVISORY BOARD

OF DR. ING. H.C. F. POBESCHE AKTERNOESEL LISCHAFT (PURSGAINT TO SECTION 171, PARAGRAPH 2, OF GERMANY'S STOCK CORPORATION ACT [AATG])

Dear Sir or Madam,

Dear Friends of the Company.

The 2024 financial year was shaped by major geopolitical tension, increasing macroeconomic uncertainty, and-for co-poor market developments in our key Chinese market. Simultaneously, there was a continuation of the deep changes within the global automotive industry that have been caused by ongoing advances toward sustainable mobility. Recently, though, there has been a noticeable slowdown in this process in Europe and Germany in particular. Innovative power, boldness, and passion are crucial driving forces for our day-to-day actions, especially in times of massive challenges that demand a lot of as all. That is something we must not forget, and we would be well advised to reflect on our strengths. Such contemplation is essential in order for us to offer Porsche AG's customers unique driving experiences and build them sports cars that inspire. We remain on our trajectory and are delivering on our core promise of always making our customers' wishes our focus, even in times of transformation.

Dear shareholders, renewal was a key theme in the Porsche AG product portfolio in 2024. Four out of six model ranges were one/dualed extensively as part of the largest model offensive in our company's history. As a result, we are offering our customers the youngest product portfolio seen in years. We have put exciting vehicles on the market in the form of the newly developed, all-electric Porsche Macao and the second-generation allelectric Porsche Tayuan. The Porsche 911 sets new standards with an efficient performance hybrid drive system inspired by motoryport. On top of that, Porsche AG released an exclusive anniversary model of its iconic Porsche 911 Turbo sports car to celebrate its 50th year. The 911 Turbo 50 Years keeps with the original mythology of the 911, featuring a fascinating symbiosis of outstanding performance and exclusive design elements. The uncorresponding Porsche 911 ( 073 sports car also celebrated its anniversary last year. For 20 years, it has stunned people as a motorport icon both on the track and on the road. Meanwhile, the third-generation Porsche Panamera has redefined
the luxury sedan segment, combining smooth driving comfort with the attributes of a Porsche sports car. With our offensive, we are meeting our customers expectations of an incomparable driving experience while also keeping an eye on that special extra at all times.

Motorport continues to have a significant role in the company's identity, and Porsche AG had the privilege of celebrating impressive successes on the race/race in 2024. Among the standouts were the two world drivers' championships, claimed by Pascal Wehrlein, who was victorious in the ABB FIA Formula E World Championship with the Porsche 999 Electric Star S, and the trio of Kévin Estre, André Lattner, and Laurens Vanthoor, who won the World Endurance Championship with the Porsche 963 hybrid prototype. In the US, Porsche Penske Motoroport had another strong season. The works team claimed seven out of eight possible titles in the MWA WeatherTech SportsCar Championship and FIA World Endurance Championship with the Porsche 963, 4,000 overall victory in 24 Hours of La Marra was, however, not entirely on the cards after ultimately falling 37 seconds short of an anniversary victory.

The 2025 financial year ahead of us will be a challenging one and demand a great deal of us. The developments in the global sales markets are dynamic, and the general conditions-especially as they pertain to the automotive industry - are changing rapidly and structurally. To us, this is an incentive to be better. However, we will need to make difficult decisions, too, and carry out the necessary changes with consistency. Our enhanced 2030 Plus corporate strategy charts the course for this and will guide us through three challenging times. Porsche has a unique identity. We are an unmistakable brand which connects tradition with innovation, quality, and outstanding driving experiences. That is a promise to not only our customers, but also to you, our shareholders.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$
MAGAZINE
10 DUB EHARKHOLDERS
Letter from the Executive Board Members of the Executive Board
Porsche in the capital market
Report of the Supervisory Board Members of the Supervisory
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COPPORATE GOVERNANCE
COMBINED MANAGEMENT
BEPORT
NON-FINANCIAL STATSMENT (part of the Comitane Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
MAGAZINE
10 DUB EHARKHOLDERS
Letter from the Executive Board Members of the Executive Board
The Chairman of the Supervisory Board
Members of the Supervisory
Board
COPPORATE GOVERNANCE
COMBINED MANAGEMENT
BEPORT
NON-FINANCIAL STATSMENT (part of the Comitane Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION
Key topics discussed, including at the plenary meetings, included the development of business, strategic matters business planning, including financial, investment, and human resource planning; and matters relating to profit/do it (e.g. -on a Group level and for key subsidiaries, in particular, the subsidiaries that were reported on intensively included Porsche Financial Services GmbH, Porsche Consulting GmbH, Porsche Engineering Group GmbH, Porsche Lifestyle GmbH & Co. KG, MKP Management und IT-Breitung GmbH (MKP), and Porsche Werkzeugbau GmbH. This enabled the Supervisory Board to print a complete picture.
Stable from the regular reports by the Executive Board submitted regular, timely, and comprehensive reports to the Supervisory
Board of the Comitane
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION
Key topics discussed, including at the plenary meetings, included the development of business, strategic matters business planning, including financial, investment, and
human resource planning; and matters relating to profit/do it (e.g. -on a Group level and for key subsidiaries, in particular,
the subsidiaries that were reported on intensively included
Porsche Financial Services GmbH, Porsche Consulting GmbH,
Porsche Engineering Group GmbH, Porsche Lifestyle GmbH &
Co. KG, MKP Management und IT-Breitung GmbH (MKP), and
Porsche Werkzeugbau GmbH. This enabled the Supervisory
Board of the Comitane
State from the regular reports by the Executive Board submitted regular, timely, and comprehensive reports to the Supervisory
Board of the Comitane
COMBINED MANAGEMENT
NON-FINANCIAL STATSMENTS (part of the Comitane Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION
Key topics discussed, including at the plenary meetings,
included the development of business, strategic matters, business planning, including financial, investment, and
human resource planning; and matters relating to profit/do it (e.g. -on a Group level and for key subsidiaries, in particular,
the subsidiaries that were reported on intensively included
Porsche Financial Services GmbH, Porsche Consulting
Porsche Engineering Group GmbH, Porsche Lifestyle
Co. KG, MKP Management
COMBINED MANAGEMENT
BEPORT
NON-FINANCIAL STATSMENT (part of the Comitane Management Report)
COMBINED MANAGEMENT
BEPORT
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$\equiv Q \leftarrow \rightarrow \leftarrow$
MAGAZINE
TO DUB EHARKHOLDEWS
Letter from the Executive Board Members of the Executive Board
Members of the Executive Board
Porsche in the capital market
Report of the Supervisory Board Members of the Supervisory Board
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Board)
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INTERNATION
MAJ

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$\equiv \mathrm{Q} \leftarrow \rightarrow \leftarrow$	Attendances of Committee Meetings by Individual Supervisory Board Members
	The members' attendance rate at the committee meetings was 1955 in the 2024 financial year. Details can be viewed in the table below
MAGAZINE		Meeting	Attendance
TO DUB DIAMENOLOGY
Letter from the Executive Board	President
Members of the Executive Board	Dr. Wolfgang Porsche (Chairman)	6/6	100\%
Dr. Anne Antlitz	6/6	100\%
	Healer Shen	6/6	100\%
	Andrew Ingram	6/6	100\%
	Harold Buck	6/6	100\%
	Carsten Schumacher	6/6	100\%
Mentions of the Supervisory Board	Audit Committee
	OCHMONAIS
	COMPORATE GOVERNANCE
	NON-FINANCIAL STATEMENT (part of the Comitane Messgerer Report)
CONSOLIDATED FINANCIAL STATEMENTS
	FURTHER INFERMATION

FORPORATE GOVERNANCE

NON-FINANCIAL STATEMENT

(pat of the Comitane Messgerer Report)

CONSOLIDATED FINANCIAL STATEMENTS

FURTHER INFERMATION

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CORPORATE GOVERNANCE DECLARATION
85
MEMBERS OF THE EXECUTIVE BOARD
87
MEMBERS OF THE SUPERVIORITY BOARD
81
REMUNERATION REPORT 2024

$\equiv \mathrm{Q} \leftarrow \rightarrow \leftarrow$	Executive Board. The Executive Board takes decisions only after prior debate, generally in meetings. It may also take decisions using the written voting procedure if none of the members of the Executive Board request without unbar delay that an Executive Board meeting be held. Resolutions of the Executive Board are adopted by a simple majority of votes cast by its members, unless the law or the Rules of Procedure for the Executive Board stipulate a unwitness decision. In the event of a tie, the Chairman of the Executive Board casts the deciding vote. Each Executive Board member manages his Board position independently, without prejudice to the collective responsibility of the Executive Board. All Executive Board members must inform their other of major events and measures within their Board position. The Porsche AG Group companies are managed solely by their respective management. The management of each individual company takes into account not only the interests of their own company but also the interests of the group in accordance with the framework laid down by law. Executive Board committees exist on the following topics: products, investments, digitalization as well as product quality and customer satisfaction. Alongside the responsible members of the Executive Board, the relevant central departments and the relevant functions of the divisions are represented on the committees.
	Cooperation with the Supervisory Board
	The Executive Board and the Supervisory Board cooperate closely for the good of the company. The Chairman of the Executive Board coordinates the cooperation with the Supervisory Board and its members. He is responsible for ensuring that the Supervisory Board is informed in a timely, conscientious, and comprehensive manner. In addition, he ensures the basis for the positive development of the company through a constant exchange with the Chairman of the Supervisory Board and through ongoing consultation with him.
	The Executive Board reports to the Supervisory Board at least once a year on the intended business policy and other fundamental questions relating to business planning (particularly with regard to financial planning, investment planning and human resources planning) as well as the profitability of the company. The Executive Board also regularly informs the Supervisory Board about the progress of business, particularly sales revenue and the position of the company. Transactions that could be significant for the company's profitability or liquidity must be reported to the Supervisory Board by the Executive Board on promptly as possible, giving the Supervisory Board the opportunity to issue a statement on the transaction before it takes place. The Chairman of the Executive Board must also immediately inform the Chairman of the Supervisory Board about other important matters.
	With the exception of the immediate reports by the Chairman of the Executive Board to indicate the cooperation with the Supervisory Board and its members. He is responsible for ensuring that the Supervisory Board is informed in a timely, conscientious, and comprehensive manner. In addition, he ensures the basis for the positive development of the company through a constant exchange with the Chairman of the Supervisory Board and through ongoing consultation with him.
	The Executive Board reports to the Supervisory Board at least once a year on the intended business policy and other fundamental questions relating to business planning (particularly with regard to financial planning, investment planning and human resources planning) as well as the profitability of the company. The Executive Board also regularly informs the Supervisory Board about the progress of business, particularly sales revenue and the position of the company. Transactions that could be significant for the company's profitability or liquidity must be reported to the Supervisory Board by the Executive Board on promptly as possible, giving the Supervisory Board the opportunity to issue a statement on the transaction before it takes place. The Chairman of the Executive Board must also immediately inform the Chairman of the Supervisory Board about other important matters.
	With the exception of the immediate reports by the Chairman of the Executive Board to the Chairman of the Supervisory Board on matters of particular importance, the Executive Board reports to the Supervisory Board in text form as a rule.
	Key decisions by the Executive Board, such as the annual planning round, a major realignment of the company's business activities, significant financial transactions, large acquisitions, and financial measures as well as the establishment, education, and dissertation of branches and certain production sites, are subject to the approval of the Supervisory Board.
	Diversity Concept and Succession Planning for the Executive Board
	The Supervisory Board is mindful of diversity in the composition of the Executive Board. The Supervisory Board understands diversity, as an assessment criterion, to mean in particular different yet complementary specialist profiles and professional and general experience, also in the international domain, with all genders being appropriately represented. The Supervisory Board also takes the following aspects into account in this regard, in particular: - Members of the Executive Board should have many years of management experience. - Members of the Executive Board should—if possible—have experience based on different training and professional backgrounds. - The Executive Board as a whole should have technical expertise, especially knowledge of and experience in the manufacture and sale of vehicles and engines; if any kind as well as other technical products, and experience in the international domain. - The Executive Board as a whole should have many years of experience in research and development, procurement, production, sales, finance and human resources management, as well as law and compliance. - At least one Executive Board position should be held by a woman. - The Executive Board should also have a sufficient mix of ages.
	The aim of the diversity concept is for the Executive Board members to embody a range of expertise and perspectives. This diversity promotes a good understanding of Porsche AG's organizational and business affairs. Particularly, it enables the members of the Executive Board to be open to innovators ideas and to avoid groupthink. In this way, it contributes to the successful management of the company. In deciding who should be appointed to a specific Executive Board position, the Supervisory Board takes into account the interests of the company and all the circumstances of the specific case. In taking this decision and in long-term succession planning, the Supervisory Board orients itself on the diversity concept. The Supervisory Board is of the view that the diversity concept is reflected by the current composition of the Executive Board. The members of the Executive Board have many years of professional experience, also in an international context, and cover a broad spectrum of educational and professional backgrounds. The Executive Board as a whole has outstanding technical knowledge and many years of collective experience in research and development, procurement, production, sales, finance and human resources management, as well as law and compliance. In addition, the Executive Board has a sufficient mix of ages that corresponds to the requirements set by the Supervisory Board; the gender balance also meets the requirements set by the Supervisory Board up to now and the legal requirements. Long-term succession planning within the meaning of Recommenderism (E2) of the Code is achieved through regular discussions between the Chairman of the Executive Board and the Chairman of the Supervisory Board as well as regular discussions in the Executive Committee. The contrast terms for existing Executive Board members are discussed, along with potential extensions and potential successors. In particular, the discussions look at what knowledge, experience, and professional and personal competencies should be represented on the Executive Board with regard to the corporate strategy and current challenges, and to what extent the current composition of the Executive Board already reflects this. Long-term succession planning is based on the corporate strategy and corporate culture and takes into account the diversity concept determined by the Supervisory Board. As a rule, members of the Executive Board should be appointed for a term of office ending no later than their 65th birthday; the Supervisory Board can vote to deviate from this in justified cases.
	Suffixiviticality BOARD
	The Supervisory Board fulfills the tasks imposed on it in accordance with the requirements stipulated by law, the Articles of Association, and the Rules of Procedure for the Supervisory Board. It works on the basis of the recommendations and suggestions of the Code. It advises and monitors the Executive Board with regard to the management of the company and, through the requirement for the Supervisory Board to provide consent, is directly involved in decisions of fundamental importance to the company.
	Information on the composition of the Supervisory Board and the Supervisory Board committees and their chairmen as well as on the terms of office of the individual Supervisory Board members can be found under the headings "Our Supervisory Board" and "Committees of the Supervisory Board" on the company's website at < https:// www.socedailore.gov/edu/aom/our/sosyndry-governence. Further information on the work of the Supervisory Board can be found in the < https:// www.socedailore.gov/edu/aom/our/inspection-81- < https:// www.socedailore.gov/edu/aom/our/financial-figures.
	Overview
	The Supervisory Board of Porsche AG consists of 20 members, half of whom are shareholder representatives elected by the Annual General Meeting. The other half of the Supervisory Board consists of employee representatives elected by the employees in accordance with the German Co-Determination Act (Mithard)0. A total of seven of these employee representatives are company employees elected by the workforce; the other three employee representatives are trade union representatives elected by the workforce.
	The Chairman of the Supervisory Board is generally a shareholder representative, and the Deputy Chairman is generally an employee representative. Both are elected by the other members of the Supervisory Board.
	A dedicated office of the Supervisory Board Chairman is equipped with corresponding personnel resources in order to help the Chairman of the Supervisory Board perform his duties and to manage the business of the Supervisory Board.
	The Supervisory Board appoints the Executive Board members and, on the basis of the Executive Committee's recommendations, decides on a clear and comprehensible system of remuneration for the Executive Board members. It presents this system to the Annual General Meeting as a resolution for approval every time there is a material change, but at least once every four years.
	Each member of the Supervisory Board is obliged to act in the company's best interests and discloses any conflicts of interest to the Chairman of the Supervisory Board without delay. In its report to the Annual General Meeting, the Supervisory Board presents the Annual General Meeting of any conflicts of interest among Supervisory Board members that have arisen and how these were dealt with.
	Supervisory Board members should not hold board or advisory positions at major competitive of the company and should not be in a personal relationship involving a major competitor.
	Members of the Supervisory Board receive appropriate support from the company upon reduction as well as with respect to education and training. Education and training measures are outlined in the Report of the Supervisory Board.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	The Chairman of the Supervisory Board coordinates the work within the Supervisory Board and provides over the Supervisory Board meetings. He represents the Supervisory Board externally and in dealings with the Executive Board. The Executive Board generally attends the Supervisory Board meetings, unless the Supervisory Board has received otherwise in a specific case.
TO OUR SHARKHOLDERS	The Supervisory Board also meets regularly without the Executive Board. In the event the auditor is called an an expert to the meeting, the Executive Board does not participate in the meeting for the duration of the auditor's presence unless the Supervisory Board deems their participation to be necessary. The Chairman of the Supervisory Board converses and presides over the Supervisory Board meetings. If he is unable to do so, the Deputy Chairman performs these tasks.
1. Corporate Governance Declaration	The Supervisory Board is que
CONSOLIDATED FINANCIAL STATEMENTS	Supervisory Board resolutions are adopted by a simple majority of votes cast, unless otherwise provided by law. If a vote results in a tie, the Chairman of the Supervisory Board has the casting vote pursuant to section 29 (2) and section 31 (4) Mibbott0), any member of the Supervisory Board can demand that the vote be repeated in accordance with these provisions. However, the casting vote is never granted to the Deputy Chairman of the Supervisory Board. The Supervisory Board meetings as well as the resolutions adopted in these meetings must be recorded in minutes which must be signed by the Chairman. The minutes must state the place and date of the meeting, the participants, the items on the agenda, the essential contents of the discussions, and the resolutions of the Supervisory Board. Resolutions made outside of meetings must be recorded in the minutes by the Chairman in writing and sent to all members of the Supervisory Board without delay.

Supervisory Board Committees
The Supervisory Board can form committees from among its members and, to the extent legally permissible, also delegate decision-making powers to these committees. Each committee established by the Supervisory Board must - in accordance with the Rules of Procedure for the Supervisory Board - include at least one shareholder representative of Porsche Automobil Holding (5). Committees adopting resolutions are only quee
if half of the members - however, at least three members and
all four members in the Mediation Committee - participate in the adoption of the resolution. Otherwise, the provisions of the Articles of Association and the Rules of Procedure for the Supervisory Board as a whole apply mutatis mutandis for the convening, meetings and the adoption of resolutions by the committees. The committee-chaermen regularly report on the discussions and resolutions of their respective committees to the Supervisory Board.

In order to discharge the duties entrusted to it, the Supervisory Board has currently established five committees: the Executive Committee, the Nomination Committee, the Mediation Committee established in accordance with section 27 (3) Mibbott0, a Related Party Committee and the Audit Committee. The Executive Committee is currently made up of three shareholder representatives and three employee representatives. The Chairman of the Executive Committee is Dr. Wolfgang Porsche. The Nomination Committee is made up of the Chairman of the Supervisory Board and two additional shareholder representatives. The Mediation Committee comprises the Chairman of the Supervisory Board, the Deputy Chairman as well as one member each to be elected by the Supervisory Board members representing the employees and by the Supervisory Board members representing the shareholders. The Supervisory Board set up the Related Party Committee in order to deal with related party transactions. This committee is made up of three shareholder representatives and two employee representatives. The Audit Committee comprises six members: three from the ranks of shareholders and three from the ranks of employees.

Information on the composition of the Supervisory Board committees can be found in the following overview:

COMBATITIES OF THE SUPERVISORY BOARD OF PORSICHE AG AS OF OCCOMBER 31, 2024

Mibbott0	Mibbott0
St. Wolfgang Porsche [Chairman]	St. Wolfgang Porsche [Chairman]
Dr. Anne Antibt	Dr. Anne Antibt
Healey Durn	Healey Durn
Andrew Vogiato	Andrew Vogiato
Harold Buck	Harold Buck
Consten Schumacher	Consten Schumacher
Mibbott0	Mibbott0
Dr. Christian Dahlheim [Chairman]	Dr. Christian Dahlheim [Chairman]
Micseki in Devries Lemmi	Micseki in Devries Lemmi
Dr. Ferdinand Oliven Porsche	Dr. Ferdinand Oliven Porsche
Andrew Vogiato	Andrew Vogiato
Harold Buck	Harold Buck
Consten Schumacher	Consten Schumacher
Mibbott0	Mibbott0
Andrew Vingates	Mibbott0
Hacal Buck	Hacal Buck
Members of the Nomination Committee	Members of the Nationalion Committee pursuant to section 27 (2) of the German Co-Governorative Act (Mibbott0)
Dr. Wolfgang Porsche [Chairman]	Dr. Wolfgang Porsche [Chairman]
Healey Durn	Healey Durn
Andrew Vogiato	Andrew Vogiato
Harald Buck	Harald Buck
Members of the Nomination Committee	Members of the Nationalion Committee
Dr. Wolfgang Porsche [Chairman]	Dr. Wolfgang Porsche [Chairman]
Dr. Anne Antibt	Dr. Anne Antibt
Healey Durn	Healey Durn
Mibbott0	Mibbott0
Micshare	Micshare
Mibbott0	Mibbott0
Micshe	Micshe
Andrew Vogiato	Micshe
Healey	Healey
Members of the National Policy Committee	Members of the National Policy Committee
Dr. Wolfgang Porsche [Chairman]	Dr. Wolfgang Porsche [Chairman]
Dr. Hans Ahlers	Dr. Hans Ahlers
Healey Durn	Healey Durn
Micshe	Micshe
Micshe	Micshe
Detaial information about the members and their relevant experience and expertise can be found under the heading "Our Supervisory Board" and on the company's website at <https://www.schoolstores.pse.edu.ss/en/us/copiesotre-governance/. The duties generally transferred to the respective committees by the Supervisory Board are described below. This does not rule out the possibility that the Supervisory Board may-if legally permissible - transfer additional duties to the committees on a case-by-case basis.	The Executive Committee coordinates the work in the Supervisory Board and, at its meetings, diligently prepares the resolutions of the Supervisory Board, discusses the composition of the Executive Board, and takes decisions on matters such as contractual issues concerning the Executive Board other than remuneration and consent to ancillary activities by members of the Executive Board. The Executive Committee supports and advises the Chairman of the Supervisory Board. It works with the Chairman of the Executive Board to ensure long-term succession planning for the Executive Board, taking diversity into account. For this purpose, the Executive Committee and the Chairman of the Supervisory Board have prepared a succession matrix.
	The Nomination Committee proposes suitable candidates for the Supervisory Board to recommend to the Annual General Meeting for election. It develops and regularly reviews the requirement position for the shareholder representatives on the Supervisory Board and observes suitable personalities. Together with the Chairman of the Supervisory Board, it is primarily involved in developing a profile of requirements for at least two shareholder representatives that should be independent of a controlling shareholder.
	The Mediation Committee has the task of submitting proposals to the Supervisory Board for an appointment or invocation of appointment of Executive Board members if in a first vote the Supervisory Board fails to reach a majority for the measure concerned.
	Among other things, the Audit Committee discusses the auditing of the financial reporting, including the annual and consolidated financial statements, as well as monitoring of the financial reporting process. It also discusses compliance, the effectiveness of the role management system, internal control system, and internal audit system. The Audit Committee also issues the audit engagement to the auditor and monitors the audit, in particular the selection and independence of the auditor, the quality of the audit and any additional services provided by the auditor. In addition, the Audit Committee discusses interim financial information with the Executive Board.
	A more detailed description of the duties and responsibilities of the individual committees can be found in the Rules of Procedure for the Supervisory Board, which are available on the company's website at < https://www.schoolstores.pse.edu.ss/en/us/copiesotre-governance/. In addition, the Report of the Supervisory Board at <https://www.schoolstores.pse.edu.ss/en/us/copiesotre-governance/ shows the topics that the committees - if they met - dealt with in the fiscal year 2024.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \uparrow$	Concrete Objectives for the Composition of the Supervisory Board, Diversity Concept, and Skill Set for the Full Board
MAGAZINE
TO OUR SHARKHOLDERS
COMPARATE GOVERNANCE
1. Corporate Governance Declaration	- Each member of the Supervisory Board must meet the requirements provided by law and the Articles of Association for membership in the Supervisory Board (law in particular sections 103) (1) to (4), 105 Aa10).
Members of the Executive Board	- At least one member of the Supervisory Board must have specialist knowledge in the area of financial reporting and at least one other member of the Supervisory Board must have specialist knowledge in the area of auditing the Supervisory Board as a whole must be familiar with the sector in which the company operates (section 103 (5) Aa10).
Remuneration report 2024	- The Supervisory Board must be made up of at least 30\% women and at least 30\% men. The minimum participation of the genders must be fulfilled by the Supervisory Board as a whole. If, prior to the election, the side of the shareholder representatives or the side of the employee representatives raises an objection with the Supervisory Board, based on a resolution adopted by a majority, against the overall fulfillment of the minimum participation of the genders by the Supervisory Board, the minimum participation of the genders for that election will have to be fulfilled separately by the side of the shareholder representatives and by the side of the employee representatives (section 9a (2) sentences 1 to 3 Aa10).
FURTHER INFORMATION	The Supervisory Board has set the following concrete objectives for its composition:
	- Each member of the Supervisory Board must be reliable and have the knowledge and skills required to properly perform the duties assigned to them.- At least two shareholder representatives should, in the opinion of the shareholder representatives, be considered independent of the company and its Executive Board and independent of a controlling shareholder within the meaning of recommendation $C d$ of the Code.- No more than two former members of the Executive Board should be members of the Supervisory Board.- Supervisory Board members should not hold board or advisory positions at major competitors of the company and should not be in a personal relationship involving a major competitor.- All members of the Supervisory Board must ensure that they have sufficient time available to discharge their duties.- The diversity concept described below should be implemented.

With regard to its composition, the Supervisory Board atives for sufficient diversity in terms of personality, interrationality, professional background, skills, and experience as well as age and takes the following diversity criteria into account for its composition:

• At least two members of the Supervisory Board should have international experience, either because of their origin or an educational or professional activity abroad over several years.- A range of age groups should be represented on the Supervisory Board. At least twelve members of the Supervisory Board should have not enacted their 65th birthday at the time of their election.
• The members of the Supervisory Board should complement each other in terms of their cultural origin, professional experience, and skills, so that the Supervisory Board can draw upon as broad a range of different experiences and specialist skills as possible.

In addition, the Supervisory Board has decided on the following skill set for the full Board. The Supervisory Board as a whole must collectively have the knowledge, skills, and professional expertise required to properly perform its supervisory function and assess and monitor the business conducted by the company. For this, the members of the Supervisory Board must collectively be familiar with the sector in which the company operates. The key skills and requirements of the Supervisory Board as a whole include, in particular:
(1) Knowledge of and skills and professional experience in the manufacture and sale of all types of vehicles and engines or other technical products.
(2) Knowledge of and skills and professional experience in the automotive industry and its transformation - especially with view to the topics of electromobility and mobility services-the business model and the market, as well as product expertise.
(3) Knowledge of and skills and professional experience in the field of research and development, particularly of technologies with relevance for the company.
(4) Knowledge of and skills and professional experience in leadership positions and supervisory bodies of companies, including holding companies and start-ups, or large organizations.
(5) Knowledge of and skills and professional experience in the areas of governance, law, or compliance.
(6) Knowledge of and skills and professional experience in the areas of finance, financial reporting and auditing, primarily knowledge of and experience in the application of accounting principles and internal control and risk management systems and in sustainability reporting as well as the audit and review of sustainability reporting (financial experts).
(7) Knowledge of and skills and professional experience in the capital markets as well as knowledge of and skills and professional experience in the areas of controling, risk management, and internal control system.

Skills and Expertise Supervisory Board

(1) Manufacture and sale
(2) Automotive sector and
(3) Research and developm
(4) Management/supervision
experience
(5) Governance/legal/compliance
(6) Finance, financial
reporting/auditing
(7) Capital market, controlling
and risk management
(8) Personnel expertise and
remuneration
(9) Co-determination
(10) Sustainability
(11) Profit
(12) Leisure goods sector
The qualification and its based on the Supervisory Board's own assessment. "Enrolled knowledge" including from qualifications, knowledge, experience, or advanced
meetings is designated as each. The categories of the skill column of the qualification and/or summary are the key skills, expertise, and requirements that are enomest
internally or the profile of skills shown above and below for the entire Supervisory Board.
(6) Knowledge of and skills and professional experience in the area of human resources (particularly the search for and selection of members of the Executive Board, and the succession process) and knowledge of incentive and remuneration systems for the Executive Board.
(9) Knowledge of and skills and professional experience in the areas of co-determination, employee matters, and the working environment in the company.
(10) Knowledge of and skills and professional experience in the areas of the environment, society, and sustainable corporate governance including the risks descendent from these areas (Environmental, Social, Governance, ESO), in particular, expertise in the sustainability questions that are particularly relevant to the company, for example with regard to resources, supply chains, energy supply, incorporate social responsibility, sustainable technologies, and related business models.
(11) Knowledge of and skills and professional experience in the area of digital transformation.
(12) Knowledge of and skills and professional experience in the luxury goods industry.

The qualification of the Supervisory Board members are
sufficient and regularly reviewed in a self-assessment, which
shows that the key skills and requirements are fulfilled by the
Board as a whole.
The members of the Audit Committee, in particular its
Chairman, Dr. Christian Dahlheim, as well as Mr. Micaela Le
Dweber, Lamm and Dr. Ferdinand Oliver Porsche, each have
specialist knowledge both in the field of accounting, including
sustainability reporting, and in the field of auditing, including
the audit of sustainability reporting.
The Chairman of the Audit Committee, Dr. Christian Dahlheim,
has special knowledge and experience in the application of
accounting principles and internal control and risk management
systems as well as in the auditing of financial statements due to
his many years working in various management and board
positions, including at Volkswagen Financial Services AG, and
his work on the supervisory boards of various banks.

$\equiv \mathrm{Q} \leftarrow \rightarrow \leftarrow \leftarrow$	Ms. Micaela Le Divelez Lemmi worked for an audit firm for several years during the course of her professional career. She has also held various management positions, also in the financial sector, including Chief Financial Officer at Sucul and Managing Director of the Salvatore Ferragamo Group. She therefore has special knowledge and experience in the application of accounting principles and internal control and risk management systems as well as in the auditing of financial statements.
	T.O. OUR DIAMENOLOGIES
COMPARATE GOVERNANCE
Corporate Governance
Declaration
Members of the Executive Board
Members of the Supervisory Board
Remuneration-report 2024
CONEPIED PARAMETERS
NON-FINANCIAL STATEMENT
(part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION

Ms. Micaela Le Divelez Lemmi worked for an audit firm for several years during the course of her professional career. She has also held various management positions, also in the financial sector, including Chief Financial Officer at Sucul and Managing Director of the Salvatore Ferragamo Group. She therefore has special knowledge and experience in the application of accounting principles and internal control and risk management systems as well as in the auditing of financial statements.	Ms. Micaela Le Divelez Lemmi, Ms. Melissa Di Goraio Rioss, and Ms. Jardino Vogarco The Supervisory Board also comprises members of various age groups.
	The shareholders representalives on the Supervisory Board are the opinion that four shareholder representatives are currently independent within the meaning of accommodation C.e. of the Code. These are Ms. Micaela Le Divelez Lemmi, Ms. Melissa Di Goraio Rioss, Dr. Christian Dahlheim, and Dr. Hans Peter Schützinger.
	Members of the Supervisory Board Dr. Hans-Michel Pilsch, Dr. Ferdinand Oliver Porsche, Dr. Wolfgang Porsche, and Hans Dieter Piltsch have all belonged to the Supervisory Board for more than twelve years and thus fulfill one of the indicators set out in recommendation C.? of the Code for lack of independence from the company and the Executive Board. Taking all the circumstances of the specific case into account, the shareholder side still considers these members of the Supervisory Board to be independent of the company and the Executive Board.
	Self-Assessment of the Supervisory Board
	The Supervisory Board regularly assesses how effectively the Board and its committees are performing their tasks (self assessment). In addition to the quality criteria to be determined by the Supervisory Board, the subject of the self-assessment mainly covers the procedures in the Supervisory Board and the flow of information between the committees and the plenum as well as the timely provision of sufficient information to the Supervisory Board.
	The Supervisory Board carried out a comprehensive selfassessment in the fiscal year 2023 and implemented the resulting measures to optimize the Supervisory Board's work in the fiscal year 2024. Due to personnel changes on the Supervisory Board and new organizational measures, the Supervisory Board decided to carry out an additional "efficiency group" in the current fiscal year. The aim was to be able to quickly and easily measure the efficiency and special features of the current fiscal year, independently of the regular comprehensive self-assessment, in the sense of a continuous improvement process. With this in mind, a digital feedback option was introduced at the end of the year. A few short questions were used, for example, to discuss and evaluate new reporting and training formats as well as the unbearable of new Supervisory Board members.
	The evaluation of the "efficiency classi" for the fiscal year 2024 shows a high level of overall satisfaction among Supervisory Board members with their work on the board. The organization and conduct of the meetings and the unbearable process for new Supervisory Board members were rated particularly positively. The communication of training content and product knowledge by internal and external experts is perceived as being very good. The results also show an adequate supply of information. Measures derived from the results to optimize the Supervisory Board's work will be adopted in a timely manner. In the fiscal year 2025, the Supervisory Board again plans to carry out a comprehensive self-assessment using a questionnaire and individual interviews.
	Supervisory Board
	When putting the Supervisory Board of Porsche AD together, the minimum quota requirement introduced with the German Act on the Equal Participation of Women and Men in Management Positions in the Private Economy and the Public Sector (FUPAS) was observed, according to which the supervisory board of listed and parity co-determined companies must be made up of at least 30% women and at least 30% men. This quota is fulfilled by the Supervisory Board as a whole (overall fulfillment). Neither the shareholder representatives nor the employee representatives objected to the overall fulfillment before the last election. Since the end of the Annual General Meeting on June 7, 2024, a total of eight women (40%) have been members of the company's Supervisory Board, including three shareholder representatives and five employee representatives. In addition, a total of 12 men (54%) belong to the Supervisory Board, seven of whom are shareholder representatives and five of whom are employee representatives.
	Executive Board
	According to the German Act to Supplement and Amend the Regulations for the Equal Participation of Women and Men in Management Positions in the Private Economy and the Public Sector (FUPAS 6), Porsche AD is also subject to the minimum participation requirement of section 76 (3a) AMS under which the members of the Executive Board of the company must include at least one woman and at least one man. When putting the Executive Board of Porsche AD together, this was observed. Ms. Barbara Friedel has been a member of the company's Executive Board since June 2021.
	Management positions below the Executive Board
	In addition, the executive board of a listed or co-determined company has to determine targets for the percentage of women in management positions at the two levels directly below the executive board. If the share of women is below 30% when the executive board sets the target, the targets may no longer be lower than the share already achieved. At the same time as setting the targets, deadlines for their achievement within five years also have to be determined.
	When filling management positions in the company, the Executive Board pays attention to diversity and, in particular, is committed to giving appropriate consideration to women and internationally. By resolution dated November 2021, the Executive Board of Porsche AD set itself the targets of 20% women in the first level of management below the Executive Board and 10% women in the second level of management below the Executive Board. A deadline of December 21, 2025 was set for achieving each of the targets.
	MERCUREDATION REPORT AND REMUNERATION SYSTEM FOR THE EXECUTIVE BOARD AND SUPERVISORY BOARD
	The remuneration report for the last fiscal year and the auditor's report pursuant to section 162 AMS can be found in the Annual and Sustainability Report for fiscal year 2024, which is available on the company's website at < https://remunerationreport.parisoftnet/ see Financial Hygiene. The remuneration report is also available at: < https://remunerationreport.parisoftnet/on/comparison-governance. The remuneration report contains detailed explanations about the remuneration system and the individual remuneration of the members of the Executive Board and Supervisory Board. The remuneration system in place for the Executive Board can also be viewed separately at the following link: < https:// remunerationreport.parisoftnet/on/improperation-governance.
	Additional information on remuneration can be found under <https://www.remunerationreport.com/on/improperation-report-2024/on-remuneration-system.
	The Annual General Meeting of the company last passed a resolution on the remuneration of the Supervisory Board on June 28, 2025 in accordance with section 113 (2) AMS. This say-on-pay resolution was not passed convincingly. The most recent remuneration resolution in accordance with section 113 (3) AMS is available at the following link: < https://remunerationreport.parisoftnet/on/improperation-governance.
	Additional information on remuneration can be found under <https://www.remunerationreport.com/on/improperation-report-2024/on-remuneration-system.
	The remuneration system for the net for a total of last 10 years to the remunerated financial statements, limit in the notes to the Porsche AD financial statements for 2024.
	RELEVANT DISCLOSURES ON CORPORATE GOVERNANCE PRACTICES
	Compliance and Risk Management
	To ensure the Porsche AD Group's lasting success, the company uses forward-looking risk management and a uniform groupwide framework. This includes:
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		Members of the Supervisory Board	Membership on supervisory boards and other central leaders
		DePico Berlig ( ${ }^{\text {TM }}$ 981 ) (since June 7, 2024)	Membership of statutory supervisory boards in Germany Porsche Leipzig GmbH, Leipzig*
MAGAZINE		Four Authorized Representative and Treasurer of 10 Metall Leipzig Member since 2019 Nationality: German
TO OUR SHARKHOLDERS		Voss Schelwig ( ${ }^{\text {TM }}$ 799 ) Head of Human Resources Zaftertheuzen Member since 2021 Nationality: German
CORPORATE GOVERNANCE		Stefan Schwenberg ( ${ }^{\text {TM }}$ 961 ) (until June 7, 2024) Uso of June 7, 2024) Trade Union Secretory:Head of the Functional Area of Collection:Bregarding at the Board of Management of 82 Metall Member since 2021 Nationality: German
Corporate Governance		Clamp Schersbach ( ${ }^{\text {TM }}$ 788 ) (until June 7, 2024) Head of the Mobility and Vehicle Construction Unit 10 Metall Executive Board, Trade Union Secretory Member since 2024 Nationality: German	Membership of statutory supervisory boards in Germany Volkswagen AG, Woffelsurg*
DERMINEO MANAGEMENT REPORT		Carsten Schenscher ( ${ }^{\text {TM }}$ 787 ) Chairman of the works council Weissach Member of Porsche general and group works council Member since 2019 Nationality: German	Membership of statutory supervisory boards in Germany CARIAO SE, Woffelsurg*
NON-FINANCIAL STATEMENT (part of the Combined Management Report)		Hiedl Dyk-Larsen ( ${ }^{\text {TM }}$ 777 ) (since June 7, 2024) Deputy Chairman of the works council Weissach Member of Porsche general works council Member since 2024 Nationality: German	Membership of statutory supervisory boards in Germany
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INTERNATION		Appointment outside the group Appointment within the group Listed company	ment of the group 1. 2024 with 100\% of the votes cast.
FURTHER INTERNATION

REMUNERATION OF THE MEMBERS OF THE EXECUTIVE BOARD

Fiscal year 2024 posed many challenges for Porsche AG. In addition to geopolitical tensions, macroeconomic uncertainties and weak market development in China, the transformation to electromobility also slowed. At the same time, Porsche AG undertook an extensive renewal of its product portfolio. These factors are reflected in the net income or loss for the year of Porsche AG and thus also in the remuneration of the Executive Board, whose variable components saw a decrease year on year.

1. Principles of Executive Board remuneration

The Supervisory Board adopted a remuneration system for the Executive Board (the 2023 Executive Board remuneration system) for the first time on September 14, 2022 with effect from January 1, 2023. The 2023 Annual General Meeting approved the remuneration report 2023 on June 7, 2024 with 100\% of the votes cast.

On September 15, 2023, the Supervisory Board decided to adjust the 2023 remuneration system with effect from January 1, 2024 (the 2024 Executive Board remuneration system). The Annual General Meeting approved the remuneration system 2024 on June 7, 2024 with 100\% of the votes cast. In the remuneration system 2024, the return
on investment (IIO) financial sub-target was replaced by the net cash flow margin (NCFM) of the Porsche AG Group's automotive segment. The NCFM - unlike RDI - is one of the five key performance indicators for managing the Porsche AG Group, along with the operating return on sales (ROS). These performance indicators are derived from the strategy and the underlying strategic objectives and are essential components of group planning and budgeting. From Porsche AG's perspective, the NCFM is therefore a more suitable indicator than the previous RDI sub-target for aligning the remuneration of Executive Board members with the interests of the company and the capital market. The ESO criterion of employee satisfaction was incorporated into the ESO factor and the weighting of the ESO sub-targets was adjusted. Adding employee satisfaction is intended to reflect sustainability aspects more broadly and place people more prominently at the center of Porsche AG's actions. Maintaining a high level of employee satisfaction will ensure Porsche AG's leading role in the competition for the best applicants, in order to adequately capture the elements of the social ESO sub-target, which will consist of three ESO criteria going forward, the environment ESO sub-target was weighted at 40% and the social ESO sub target at 60%. However, the decedonization index (DDI) will remain the most heavily weighted criterion. Since January 1, 2024, the remuneration of the Executive Board has complied fully with the requirements of the 2024 Executive Board remuneration system. Porsche AG was assisted by independent remuneration and legal consultants during the development of the Executive Board remuneration system.

Working with a reputable, independent remuneration consultant, the Supervisory Board of Porsche AG also reviewed the remuneration of the Executive Board members in fiscal year 2023 compared to market benchmarks, considering the duties and performance of the Executive Board members and the company's position. As a result of this review, the Supervisory Board decided to increase the remuneration of the members of the Executive Board with effect from January 1, 2024. By making this increase, Porsche AG has ensured that the members of the Executive Board receive competitive remuneration that reflects Porsche AG's position in the relevant market environment. To maintain positive behavioral incentives for particularly strong performance by the Executive Board members in areas of strategic importance to Porsche AG.

		Memorandion component	Memorandion based opportuance	Target
	Long-term incentive (LTI)	Plan type	Virtual performance share plan	The LTI serves to align the
		Target amount:	Diaximan of the Executive Board $1,610,000,000,000,000 Depoty Diaximan of the Executive Board $47,670,000$ Executive Board member: $1,380,000	mmorandion of the Executive Boand $47,670,000$ Depoty Diaximan of the Executive Board $47,670,000$ Executive Board of the Executive Board $1,380,000$
		Cap:	200\% of the target amount i.e. Diaximan of the Executive Board €3,260,000 Depoty Diaximan of the Executive Board: $63,230,000$ Executive Board member: $2,766,000$	amporation with share price performance and the dividends paid, measured over four years, is intended to ensure the long-term effect of the
			Executive Board member: $2,766,000	behavioral incentives and support the
		Performance criterion	EPS of the Porsche 40 Group	strategic target of achieving competitive profitability.
	Corporate Governance Declaration	Performance period:	Measured forward over four years
	Members of the Executive Board		Payment:	In cash in the month following approval of the consolidated financial statements of the Porsche 40 Group for the last fiscal year of the performance period
	Members of the Supervisory Board	Exit:	- Pro-obs reduction of the target amount if the service contract starts or ends during the fiscal year when shares are granted
	- Remuneration report 2024		- Forfeited of all outstanding tranches without replacement or compensation in the event of the Executive Board member being responsible for termination for good cause pursuant to section 626 BDB in restoration of appointment because of gross breach of duty pursuant to section 84 (4) AMS or breach of (post-contractual) non-competition covenant
NON-FINANCIAL STATEMENT			$20.000-100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

| $\equiv Q \leftarrow \rightarrow \leftarrow$ | III. Remuneration of the Executive Board members serving in fiscal year 2024
1. EXECUTIVE BOARD MAWERS IN FOCAL YEAR 2024 The members of the Porsche AG Executive Board in fiscal year 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

MAGAZINE
TO OUR DIAMENOLOGIES
CORPORATE GOVERNANCE
Corporate Governance
Declaration
Members of the Executive Board
Members of the Supervisory
Board
Remuneration-report 2024
CONEMED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT
(part of the Contained Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION
NON-FINANCIAL STATEMENT
(part of the Contained Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION
PARTICIPAIRS
MAV
Maximum value [1,3]	57,9	Maximum value [1,3]	20,9	19,1	48,0	77,3
Target value [1,3]	58,9	Target value [1,3]	19	17,4	46,0	75,3
Threshold value [0,7]	59,9	Threshold value [0,7]	27,1	15,7	44,0	73,3
Actual	67,9	Actual	22,0	18,6	45,0	75,4
Target achievement		Target achievement	1,30	1,25	0,93	1,02
Clash	1,29	Clash
Actual		Actual
Actual

target from 108% to 131% through reconciliation to the NCPM. The adjustment is attributable to funding of the Porsche Group's company pensions that began in 2024. At its meeting in May 2024, the Supervisory Board, at the request of the Executive Board, resolved to set aside significant plan assets to fund its pensions. Investing funds in the plan assets office a significantly higher expected return than the return on the liquidity reserves and thus makes optimal use of Porsche AG's liquidity. At the end of fiscal year 2024, the funding totaled 4250 million and reduced the net cash flow margin of Porsche AG (liraqn) automotive segment by this amount. This funding was not planned at the time the target values were set for the NCPM sub-target for fiscal year 2024 and could therefore not be taken into account when setting them. The reduction in the net cash flow margin of Porsche AG Group's automotive segment does not allow any conclusions to be drawn about the economic situation of Porsche AG or the performance of the Executive Board members in fiscal year 2024. According to the Supervisory Board, this adjustment ensures that target achievement and the related remuneration are focused on operating performance and are not distorted by highly significant unplanned effects. The actual figure calculated for the NCPM sub-target was 10,25%. If the funding for the company pensions is eliminated, the figure calculated for the NCPM sub-target is 10.94%. Taking into account the funding of the company pensions, the achievement of the NCPM sub-target set by the Supervisory Board is 131% instead of 108%.
A) 250 factor

The following overview shows the minimum values, target values and maximum values set by the Supervisory Board for fiscal year 2024 for the environment (decarbonization index) and social (gender quota, customer excitement index and employee satisfaction) sub-targets, along with the actual figures and target achievement levels in fiscal year 2024.

The decarbonization index (DOI) aims to provide an overview of the QS, equivalent emissions along the value chain (production, use and end of life) based on an assessment of environmental impacts such as the QS, footprint over the entire life cycle of a vehicle. Detailed information on decarbonization can be found under +810times change in the combined non-financial statement forming part of the combined management report.

Promoting diversity and equal opportunities is a high priority throughout the Porsche AG Group. Porsche AG is convinced that diversity and equal opportunities are key factors for long-term corporate success. Therefore, the company has set out to further increase the proportion of women at all levels and has defined a target for the gender quota. Detailed information on

The following overview shows the minimum values, target values and maximum values set by the Supervisory Board for fiscal year 2024 for the environment (decarbonization index) and social (gender quota, customer excitement index and employee satisfaction) sub-targets, along with the actual figures and target achievement levels in fiscal year 2024.

The following overview shows the threshold values, target values and maximum values set by the Supervisory Board for fiscal year 2024 for the decarbonization index, gender quota, customer excitement index and employee satisfaction, along with the actual figures and multiplication factor achieved in fiscal year 2024.
the statutory gender quota can be found under +810times decrease in the combined non-financial statement forming part of the combined management report.

A central goal of Porsche AG is to excite its customers. Porsche AG does not just want to meet customers' expectations, but to exceed them. Using the customer excitement index Porsche AG measures how enthusiastic customers are along their journey - a basic requirement for continuous improvement. Incorporating this indicator achieves the goal of creating a direct link between customer excitement and Executive Board remuneration. Detailed information on the customer excitement index can be found under +84times increase in the combined non-financial statement forming part of the combined management report.

The Supervisory Board uses the governance factor to convey its satisfaction with the Executive Board's actual conduct in relation to integrity and compliance expectations. As a rule, the governance factor should be 1.0 and should only be reduced to 0.9 or increased to 1.1 after due consideration in exceptional circumstances. For fiscal year 2024, the Supervisory Board set the governance factor at the standard value of 1.0 for all Executive Board members, having considered and evaluated the collective performance of the Executive Board and the individual performance of its members. Further information on compliance and integrity can be found under +810times increase in the combined non-financial statement forming part of the combined management report.

The following overview shows the threshold values, target values and maximum values set by the Supervisory Board for fiscal year 2024 for the decarbonization index, gender quota, customer excitement index and employee satisfaction, along with the actual figures and multiplication factor achieved in fiscal year 2024.
the statutory gender quota can be found under +810times decrease in the combined non-financial statement forming part of the combined management report.

The following overview shows the threshold values, target values and maximum values set by the Supervisory Board for fiscal year 2024 for the decarbonization index, gender quota, customer excitement index and employee satisfaction, along with the actual figures and multiplication factor achieved in fiscal year 2024.
the NCPM factor is calculated from the weighted E90 sub-targets environment (decarbonization index) (40%) and social (each equally weighted gender ratio, customer excitement index and employee satisfaction) (40%) and the governance factor of 1.0. The E90 factor for fiscal year 2024 is therefore 1.16.
a) Performance criteria for the long-term incentive [LTI] (2021-2023 and outlook for the LTI 2022-2024
b) Information on the LTI under the former Executive Board remuneration system

The former Executive Board remuneration system provided for share-based long-term variable remuneration for the Executive Board members in the form of a forward-looking performance share plan with a item of three years. The LTI was based on the share price performance and EPS of the Volkswagen AG (Fukuda) during the three-year term. The Executive Board members were allocated a certain number of performance shares at the beginning of the three-year performance period depending on the respective target value. After the performance period had ended, the final number of performance shares was determined on the basis of the average EPS target achievement of the Volkswagen preferred share during the performance period. The final number of performance shares was multiplied by the sum of the Volkswagen preferred share price on each of the last 30 trading days prior to the end of the performance period, rounded in line with common business practice to two decimal places, and the dividends paid per Volkswagen preferred share in the performance period. The LTI can range between 40 and 200% of the target amount (cap).

Under the former Executive Board remuneration system, the members of the Executive Board were allocated a total of three transfers of the performance share plan: 2020-2022, 2021-2023 and 2022-2024. The second transfer of the three-year performance share plan with the performance period 2021-2023 was paid out in fiscal year 2024.
Until December 31, 2019, the long-term variable remuneration corporate bonus and a backward-looking long-term incentive. Due to the change from backward-looking to forward-looking long-term variable remuneration as of January 1, 2020, there was a temporary payout gap for the Executive Board members already appointed at that time for the first two fiscal years after the change, that is, fiscal years 2021 and 2022. Thus Porsche AG guaranteed certain amounts for the Executive Board members during the transitional period. This applied to the entire Executive Board members Mr. Messher, Mr. Haffner, Mr. von Patten, Mr. Remold and Dr. Steiner. In principle, it also applied to life. Further, but the arrangements made with the meant that the calculations did not result in a guaranteed amount for the LTI 2021-2023. In addition, the former Executive Board member Mr. Stäblter received a guaranteed amount. For the relevant Executive Board members, the payment amount for the LTI 2021-2023 is reported as remuneration granted and owed, not of the guaranteed amount for 2021.

$\equiv \mathrm{Q} \longleftarrow \longrightarrow \longleftarrow$
MAGAZINE
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COMPARATE GOVERNANCE
Corporate Governance
Declaration
Members of the Executive Board
Members of the Supervisory
Board
- Remuneration-report 2024
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION

In the event of the appointment being revoked without there being good cause within the meaning of section 63 (1) 808, the Executive Board members receive a severance payment equal to the gross remuneration for the remaining term of the service contract, capped at the gross annual income for two years. The annual income used as a basis for calculating the severance payment is generally the p/so-year fixed component plus the annual bonus paid out for the past fiscal year. Additionally, $L T /$ transfer continue to be allocated during the term of the severance payment instalments and to be settled and paid out in accordance with the contractual provisions.

The severance payment is paid in equal monthly gross instalments from the time of the termination of the appointment. Contractual remuneration paid by Porsche AG for the period from the termination of the appointment until the end of the service contract is offset against the severance payment. Should Executive Board members take up other work after the termination of their appointment, the amount of the severance payment will be reduced by the amount of the income earned from that work. The severance payment is not made if Executive Board members continue to be employed by Porsche AG or another Volkswagen Group entity under an employment or service contract.

The severance provisions also apply in the event of termination by mutual agreement without good cause within the meaning of section 626 (1) 808. In the event of emigration, Executive Board members are not entitled to any severance payments.

The members of the Executive Board are also entitled to retirement, invalidly and surviving dependents' benefits (more details on these benefits in the next section) in the event of early termination of their service, even if a pensionable event does not occur.
(c) Benefits commitments to Executive Board members for regular termination of service
From January 1, 2023, all Executive Board members were granted new pension commitments under the Executive Board remuneration system. Porsche AG implemented a new capital-
market-oriented pension system. The members of the Executive Board receive a defined contribution benefit commitment in the form of a direct commitment for retirement, invalidly and surviving dependents' benefits, funded through a contractual trust arrangement. The promised retirement benefits can be drawn from the age of 67, though they can be drawn early from the age of 65. The annual pension contribution is equal to 40\% of the relevant contractual annual base salary.

The pension benefits earned under the former pension system in place until December 31, 2022 will be maintained. As of December 31, 2022, the members of the Executive Board were promised a fixed monthly pension from the company, which can be claimed from the age of 66. The promised pension amount already factors in an adjustment for the period between the transition date and the age of 66 in accordance with section 2a (2) sentence 2 no. 2a of the German Law for the Improvement of Company Pension Plans (Ben-KKR), which means that the pension amount will not change in the period up to the age of 66 (for details on earlier pension commitments, see the remuneration report 2022).
Dr. Oliver Blume initially had a pension commitment from Porsche AG until April 12, 2018 that was frozen on his appointment to the Board of Management of Volkswagen AG as of April 13, 2018. With respect to this pension commitment, Dr. Oliver Blume is treated as if he left Porsche AG on April 12, 2018. He acquired a vested benefit that will not increase and will not be adjusted. From January 1, 2023, Dr. Oliver Blume received a new, capital-market-oriented pension commitment from Porsche AG. His earlier pension commitment remains frozen.
Additionally, Executive Board members can participate in a deferred compensation program to set aside a company pension. Porsche AG pays interest of 3\% to 6\% p.a. on this deferred compensation.

Mr. Maschke, Mr. Haffner, Mr. Reimold and Dr. Steiner have a direct insurance policy within the meaning of section 406 of the German Income Tax Act (EStG), with an annual premium of $€ 1,700$ paid by Porsche AG for the duration of their service.

The following overview presents the projected pension obligations for the individual Executive Board members at their present value as of December 31, 2024 as well as the amount of expenses or provisions recognized for pensions in accordance with 849) in fiscal year 2024. Other benefits such as surviving dependents' pensions and the use of company cars are also factored into the measurement of pension obligations.

		Projected pension obligations
		Funded to the employer according to the HF	Pension operations in fiscal year 2024
Dr. Oliver Blume		4,363,511	439,239
Lutz Maschke		4,330,942	444,574
Barbara Frankel		3,975,409	387,521
Andreae Haffner		3,990,112	383,956
Sigarl Riser		422,239	380,247
Detlev von Pilsten		4,457,694	383,240
Albrecht Reimold		3,959,757	382,637
Dr. Michael Steiner		3,815,647	383,638
Total		29,215,362	3,185,052
Authorities

Fiscal remuneration

Pension payments
162,118
$22,764$
$39,618$
Variable remuneration
Multipara variable remuneration/longterm incentive ( $£ 11,002 /-2023$ was
quarrelated ( 11,002 /-2023
$39,618$
Total remuneration within the meaning
of section 162 (1) sentence 1 866). the obligation to report individually on the remuneration granted and owed to former Executive Board members also extends to remuneration granted and owed in the ten years after their most recent term of office on the Executive Board or Supervisory Board at Porsche AG.

The following tables show the remuneration granted and owed in fiscal year 2024 to the individual former members of the Executive Board who left after fiscal year 2014.

		2024
Fixed remuneration
Pension payments
		Total remuneration within the meaning of section 162 (1) sentence 1 866). 28,438
Total

	Fixed remuneration		Work in committees
					Maeting attendance fees
Reproductive Board member
Dt. Wolfgang Porscher (Dlaimian)	260,000	70.5	100,000	27.1	9,000
Jordana Vogatsi*
(Deputy Olaes)	195,000	69.1	78,356	27.8	9,000
Dr. Anne Antlitz*	0		0		0
Ibrahim Aiden (until June 7, 2024)	56,630	93.5	0	0.0	3,971
Harald Buck	130,000	54.4	100,000	41.8	9,000
Dr. Christian Deinheim*	0	0.0	100,000	100.0	0
Mizutala le Donéau Lenens	130,000	68.8	50,000	26.5	9,000
Melissa Di Deneto Rioss	130,000	93.5	0	0.0	9,000
Wolfgang von Oehren (until June 7, 2024)	56,630	93.5	0	0.0	3,971
Rietma Hobsbaw (since June 7, 2024)	74,082	93.5	0	0.0	5,129
Aber-Isk	130,000	93.5	0	0.0	9,000
Nera Leen (until June 7, 2024)	56,630	68.8	21,781	26.5	3,971
Anat Loftel*	130,000	93.5	0	0.0	9,000
Dr. Hans Michel Pileth	130,000	93.5	0	0.0	9,000
Dr. Ferdinand Oliver Porscher	130,000	68.8	50,000	26.5	9,000
Hans Peter Piltisch	130,000	93.5	0	0.0	9,000
Softera Reilly (since June 7, 2024)	74,082	93.5	0	0.0	5,129
Vera Schatwig	130,000	93.5	0	0.0	9,000
Stefan Schaumburg (until June 7, 2024)	56,630	93.5	0	0.0	3,971
Clary Schirnhardt (since June 7, 2024)	74,082	93.5	0	0.0	5,129
Contim Schumacher	130,000	54.4	100,000	41.8	9,000
Dr. Hans Peter Schöninger*	0		0		0
Healer Stant*	0		0		0
Hesti Zink-Larsen (since June 7, 2024)	74,082	93.5	0	0.0	5,129
Total	2,277,849	75.4	600,137	19.9	144,197

Reproductive Board member
Dt. Wolfgang Porscher (Dlaiman)	260,000	70.5	100,000	27.1	9,000
Jordana Vogatsi*
(Deputy Olaes)	195,000	69.1	78,356	27.8	9,000
Dr. Anne Antlitz*	0		0		0
Ibrahim Aiden (until June 7, 2024)	56,630	93.5	0	0.0	3,971
Harald Buck	130,000	54.4	100,000	41.8	9,000
Dr. Christian Deinheim*	0	0.0	100,000	100.0	0
Mizutala le Donéau Lenens	130,000	68.8	50,000	26.5	9,000
Melissa Di Deneto Rioss	130,000	93.5	0	0.0	9,000
Wolfgang von Oehren (until June 7, 2024)	56,630	93.5	0	0.0	3,971
Rietma Hobsbaw (since June 7, 2024)	74,082	93.5	0	0.0	5,129
Alan Liefer*	130,000	93.5	0	0.0	9,000
Nera Leen (until June 7, 2024)	56,630	68.8	21,781	26.5	3,971
Anat Loftel*	130,000	93.5	0	0.0	9,000
Hesti Zink-Larsen (since June 7, 2024)	56,630	68.8	21,781	26.5	3,971
Total	2,277,849	75.4	600,137	19.9	144,197

MAGAZINE

TO OUR EHARKHOLDERS

CORPORATE GOVERNANCE

COMPRESSION

REFORT

Fundamental information about the group
Business development
Results of operations, financial position and net assets
Porsche ADOI financial statements (condensed version)
Report on risks and opportunities
Report on expected developments

NON-FINANCIAL STATISM

(past of the Continent Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS

FURTHER INFORMATION

BUSINESS MODEL

Purpose of the company
To the beginning, I looked around but could not find the car I'd dreamt of. So, I decided to build it myself." These famous words from Terry Porsche describe the aspiration of the Porsche AG Group. Its business purpose is to manufacture and sell luxury sports cars and engines of all kinds as well as other parts and components for these and other technical products. In addition, the purpose of the company includes performing development work and design engineering, including vehicle and engine construction, consulting and development in the field of data processing as well as the production and distribution of date-processing products, sale of merchandise and commercial exploitation of brand rights, including those containing the word "Porsche". Also included are all other activities that are technically or economically related, including the commercial exploitation of intellectual property rights. Financial services are another business purpose, in particular finance and mobility services for customers and dealers.

Organization

St. Ing. N.o. F. Porsche Aktiengesellschaft ("Porsche AG") is the parent company of the Porsche AG Group (Porsche AG and its fully consolidated subsidiaries) and has its registered office in Stuttgart. Further information can be found in the list of shareholders (pursuant to section 313 of the German Commercial Code (HGB).
$\bullet$ Notes to the consolidated financial statements - RE. List of shareholders

The structure of investments in Porsche AG remained unchanged from the fiscal year 2023. Volkswagen AG indirectly
treats, via Porsche Holding Stuttgart GmbH, 75.4\% of Porsche AG's share capital.

Porsche Automobil Holding SE directly holds around 12.5\% of the share capital. The remaining share capital is in free fiscal. - Porsche in the Capital Market

The Porsche AG Group consists of the automotive and financial services segments. The reconciliation of the segments to the Porsche AG Group relates to transactions between the two segments that are subject to elimination. The activities of the two segments cover the five regions Germany, Europe without Germany, North America excluding Mexico, China including Hong Kong as well as the region Overseas and Emerging Markets (previously rest of the world'), which includes the remaining countries and regions. - Notes to the consolidated financial statements - Segment reporting

AUTOMOTIVE SEGMENT

The activities of the automotive segment cover the vehicles business field as well as the other business fields services and design. The vehicles business field includes the procurement, production, development and sale of vehicles as well as related services.

Procurement

Procurement is centrally organized in Wünsach and has a global network of suppliers. This enables the Porsche AG Group to purchase production materials and capital goods as well as services worldwide in the required quality. In this context, the Porsche AG Group is also focusing on start-ups and software suppliers. Through the integration of the procurement organizations of the Volkswagen Group brands, the Porsche AG Group is able to leverage group-wide synergies through improved availability of production materials and cost advantages.

Production

The headquarters of Porsche AG and the production facilities for the Tayvan and 911 model series as well as customer sports vehicles from Porsche Motorsport are located in Stuttgart-
Zuffenhausen. The Porsche AG Group also maintains production facilities in Leipzig, where the Macan and Panamera model
series are produced.

For the Cayenne model series, the Porsche AG Group uses other production sites. The Cayenne series is produced at the Volkswagen Group's multi-traced site in Bratislava, Slovakia. Some models of this series are assembled at a third-party assembly plant in Kušin District, Keskéi, Malaysia. These are
interested for the Malaysian market and, since 2024, also for the Thai market. The Volkswagen Group also has the capacity to
produce the 718 series on a contract manufacturing basis at the Osnabrück plant. In addition to this, the Porsche AG Group operates a pilot series center in Sachserhein an a central production facility to provide prototype vehicles for future Porsche series models. $\rightarrow$ Production

Development
Wénsach is home to the Porsche Research and Development Center, where Porsche vehicles are developed from first sketch to series production. Wénsach is also home to the development of infratainment and connect functions as well as vehicle-related digital solutions. The Shanghai development site complements these development activities with specific solutions for the Chinese market. $\rightarrow$ Research and development

Production network of the Porsche AG Group

Sales
The sales network comprises over 900 sales partners in more than 120 markets worldwide. Within this sales network, all major importers ( 18 legally independent entities) and selected Porsche dealer companies ( 17 legally independent entities) are part of the Porsche AG Group. $\rightarrow$ Deliveries

All brick-and-mortar retail formats follow the "Destination Porsche" retail concept, which has already been titled out in more than 150 of the over 800 Porsche centers worldwide since the end of 2020, and some 500 others are to follow by the end of the decade.

Indirect online sales for the Porsche AG Group are conducted via its digital platform and sales partners. The digital vehicle search can now be accessed in over 100 markets around the globe. Porsche dealers use this platform to offer their immediately available new and used vehicles online. This includes basic models as well as exclusive variants.

FINANCIAL SERVICES SEGMENT
The financial services segment includes the taxing business, dealer and customer financing, the service and insurance brokerage business as well as mobility services for Porsche brand vehicles. In selected markets, the segment's services are also offered for other brands of the Volkswagen Group, in particular the Bentley and Lambogbon brands. The segment includes the products and services of Porsche financial services companies, which, depending on the market, are provided by the company itself or in cooperation with local partners.

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CORPORATE GOVERNANCE
CORPORATE MANAGEMENT REPORT
1	Fundamental information about the group
	Business development
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	Report on risks and opportunities
	Report on expected developments
	NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
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CINEOLOGATED FINANCIAL STATEMENTS
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$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$	Cose-functional strategy - Transformation
MAGAZINE	Pansible AG is convinced that innovation comes from the creativity of employees and the support of an organizational structure that fosters this creativity, thus making it possible to achieve excellence together. In a dynamically changing environment, the adaptability of the Porsche AG Group and its employees is of particular importance for sustainable success. It is important to provide the right answers to future challenges at an early stage and to see upcoming changes as an opportunity.
TO OUR SHARKHOLIZERS	The Transformation cross-functional strategy focuses on particular on the strategies focus topics of innovation, digitalization and artificial intelligence, organization and value creation as well as people and culture. The aim is to ensure the adaptability and future viability of the Porsche AG Group. For the Porsche AG Group, innovations and new technologies are an integral part of the business model and open up a wide range of opportunities and growth prospects. Digitalization and the use of artificial intelligence enable new forms of collaboration and offer far-reaching opportunities for optimization. This is how the Porsche AG Group analyzes, evaluates and improves its working methods and processes. The employees and the shared corporate culture are core components of the Porsche AG Group. With effective leadership, employees are taken along on the path to transformation in order to drive change together. Porsche AG's position as a top employee with high levels of employee satisfaction also plays an important role.
CORPORATE GOVERNANCE	Qualit
CONSERVED information about the group	Pansible AG is closely aligned with the guiding principle of Dr. Wolfgang Porsche: "Quality is the foundation of our business success." Accordingly, quality is a key component of the foundation of the Porsche AG Group's Strategy 2030 Plus. All employees are responsible for maintaining Porsche AG's high quality standards. By pooling the expertise of all departments, the aim is to ensure that there is a common understanding of quality and awareness of customer expectations throughout the company. In this way, the Porsche AG Group intends to realize its vision of proactively capturing the customer wishes of tomorrow and making them a tangible experience in the vehicle for generations to come.
Report on risks and opportunities	Together with the two building blocks of the foundation - Road to 20 and Quality - the four cross-functional strategies define the path on which the Porsche AG Group intends to expand its position for present and future generations. The focus here is on the four stakeholder groups: Customers, society, employees and investors. The Porsche AG Group believes that the unwavering focus on the needs of these groups will ensure sustainable growth.
Report on expected developments
NON-FINANCIAL STATISMEN (part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATISMENTS

Quality

Porsche AG is closely aligned with the guiding principle of Dr. Wolfgang Porsche: "Quality is the foundation of our business success." Accordingly, quality is a key component of the foundation of the Porsche AG Group's Strategy 2030 Plus. All employees are responsible for maintaining Porsche AG's high quality standards. By pooling the exper tive of all departments, the aim is to ensure that there is a common understanding of quality and awareness of customer expectations throughout the company. In this way, the Porsche AG Group intends to realize its vision of proactively capturing the customer wishes of tomorrow and making them a tangible experience in the vehicle for generations to come.

MAMAGEMENT AND KEY PERFORMANCE

INDICATIONS

Management and key figures

Based on the group strategy, this section describes how the Porsche AG Group is managed and which key figures are primarily used. The operating performance and the related success of the Porsche AG Group are reflected in both the financial and non-financial key figures as an integral part of the internal management system. There were no changes in the management process or the most important performance indicators compared to the prior year.

Management process at the Porsche AG Group

At the Porsche AG Group, the continuous and close alignment of the group strategy with the strategic and operational planning ensures full transparency in the financial assessment and evaluation of decisions on the direction to be taken. As a key management element of the Porsche AG Group, the multi-year operational plan, which is prepared once a year and generally for a period of five planning years, is derived from a strategic plan for the next ten years and approved by the Executive Board and the Supervisory Board. The multi-year operational planning serves to assess prerequisites for realizing the strategic projects as well as formulating and safeguarding the group's targets, both technically and financially. It is on this basis that all corporate areas are coordinated regarding the cross-functional strategies, functions/processes, products and markets.

For the future orientation of the Porsche AG Group, the individual planning content is determined on the basis of the planning horizon

• the cycle plan/product strategy and thus the product range as the long-term strategic determinant of the vehicle business and other mobility-related services,
• long-term sales planning that shows market and segment developments and is used to determine the delivery volume for the Porsche AG Group and
• capacity and utilization planning for the individual factories.

The aligned results of the upstream planning processes flow into the financial planning as a last step in the multi-year operational planning. For this purpose, the financial planning of the Porsche AG Group, including the segments and business fields, consists of the income statement, the financial and balance sheet planning, the profitability and liquidity planning as well as the investments as a prerequisite for the future product alternatives and alternative courses of action. The multi-year operational planning is then used to derive the binding targets/target recommendations for the first planning year, details of which are then finalized down to the level of the operational cost centers and subsidiaries in the budget planning for the individual months.

During the year, the budget is reviewed each month to determine the degree of target achievement. In this regard, target/actual and prior-year comparisons, variance analyses and -if required- section plans are key instruments for corporate management to ensure that the budgeted targets are reached. For the current fiscal year, monthly rolling forecasts are performed for the next three months and for the year as a whole and are backed up as standard by two detailed forecasts during the year and, if necessary, adjusted to reflect the latest developments. Current opportunities and risks are also taken into account when preparing the forecast to the extent that their occurrence is considered to be probable. The management process can thus ensure short-term adjustments and implementation programs to secure the forecast, also taking volatile conditions into account. In principle, the focus of management during the year is on adjusting current activities in line with requirements. Moreover, each current forecast provides the starting point for the upcoming multi-year operational plan/the budget planning for the following fiscal year.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \uparrow$	BUSINESS DEVELOPMENT
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE	MACOCOCIONONIC AND SECTOR-SPECIFIC ENVIRONMENT
COMMONED MANAGEMENT REPORT	Development of global economy
Fundamental information about the group	In the fiscal year 2024, the global economy continued to recover, albeit at a slower pace than in the prior year. This trend was seen 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 some central banks, has dampened economic growth in many countries. Since the middle of the reporting period, a number of central banks have started to reduce their key interest rates.
	DERMANY
Report on risks and opportunities	Similar to the prior year, the German economy contracted by 0.2\% (2023: down 0.1\%). On average, the seasonally adjusted unemployment rate rose slightly. At the same time, the average annual inflation rate fell.
Report on expected developments	EUROPE
NON-FINANCIAL STATEMENT (part of the Continued Management Report)	The Western European economy grew by 0.8\% (2023:up 0.6\%), slightly stronger than in the prior year. Development in individual countries in Northern and Southern Europe was mixed. Due to falling inflation rates, the European Central Bank has lowered to key interest rates in four steps since June 2024. In 2024, the economies in Central and Eastern Europe reported a slight year-on-year increase in growth of 3.2\% (2023: up 3.1\%).

NORTH AMERICA EXCL. MEXICO

In the USA, economic output grew at a slower pace of 2.8\% (2023: up 2.9\%) than the prior year. The US Federal Reserve continued to pursue its restrictive monetary policy for the time being, as inflation remained high and the labor market tight. The key interest rate was cut for the first time in September of the current reporting year, followed by two further cuts. The growth rate in Canada was down slightly on the prior year at 1.3\% (2023: up 1.5\%).

CHINA INCL. HONG KONG

Economic growth in China was at a high level compared to other parts of the world, but at 5.0\% (2023: up 5.2\%) was slightly weaker than in the prior year.

Market development for the automotive segment

In the fiscal year 2024, the global volume of the passenger cars marked was up slightly on the prior year at 79.2 million vehicles, with most passenger car markets recording growth. The supply situation continued to return to normal and vehicle affordability improved to some extent.

In addition to fiscal policy measures, the sector-specific environment was primarily influenced by the economic situation, which contributed to the uneven development of sales in the markets in the past fiscal year. The fiscal policy measures included tax cuts and increases, the introduction, expiry and adjustment of incentive programs and buyer's premiums as well as import tariffs. Non-tariff trade barriers to protect the respective domestic automotive industry additionally hindered the exchange of vehicles, parts and components.

GERMANY
At 2.8 million units (down 1.0\%), the number of new car registrations in Germany in 2024 was on a par with the prior year. The change in incentives for electric vehicles in the prior year had a dampening effect on the development of new registrations. By contrast, the demand for vehicles with conventional and hybrid diversions increased.

EUROPE WITHOUT GERMANY

In Western Europe (excl. Germany), the number of new passenger car registrations in 2024 increased by 0.3\% to 8.8 million vehicles, matching the prior-year level. Development in the other major individual passenger car markets was mixed in 2024. Spain recorded noticeable growth of 8.7\%. The United Kingdom (up 2.6\%) recorded slight growth, Italy (down 0.4\%) was on a par with the prior year while France (down 3.2\%) recorded a slight decline.

In Central and Eastern Europe, the passenger car market volume increased significantly by 17.6\% in the fiscal year 2024 to 2.6 million vehicles. The number of sales developed largely positively in the individual markets of Central and Eastern Europe.

NORTH AMERICA EXCL. MEXICO
In the region North America excl. Mexico, sales figures for passenger cars in the fiscal year 2024 rose to 17.9 million units - an increase of 3.4\% year on year. In the USA, the volume stood at 16.0 million units, an increase of 2.7\%, due to improved availability and affordability of new vehicles on average. In Canada tox, sales figures increased noticeably by 1.9 million vehicles (up 9.3\%).

CHINA INCL. HONG KONG

In the region China incl. Hong Kong, the number of new registrations of passenger cars increased slightly by 4.8\% to 23.4 million units in 2024. The development of the Chinese passenger car market was characterized, among other things, by government purchase incentive programs and lower 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 all regions in 2024.

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DELIVERIES

Despite various model changes and the challenging market situation in the region China not, Hong Kong, the Porsche AG Group's deliveries* were robust in the fiscal year 2024. Overall, the sports car manufacturer delivered 310,718 vehicles, down 3.0\% compared with 2023. The Porsche AG Group countered the decline in deliveries in the region China by increasing its focus on deliveries in the other regions. The result is a globally balanced sales structure.

Share of deliveries by region

• North America and Mexico

• China not, Hong Kong

In the domestic market of Germany, 35,858 customers received their vehicle, an increase of 10.6\%. In the sales region of Europe without Germany, the Porsche AG Group delivered 75,899 vehicles in the past year. This is 8.7\% more than in the prior year. In North America and Mexico, the Porsche AG Group made $80,541$ deliveries ( $\mathrm{up} 0.6 \%)$ - again the largest sales region in 2024. In China not, Hong Kong, $56,887$ vehicles were handed over to customers (down 28.2\%). This significant decline is largely attributable to the continuing challenging economic situation in the luxury segment in this region, irrespective of this, the Porsche AG Group remains committed to value-oriented sales with the aim of balancing supply and demand. The sales region Overseas and Emerging Markets again developed positively with growth of 6.3\%. Overall, 55,533 vehicles were handed over to customers in this region.

The Cayenne, which was completely overhauled in the prio year, was the Porsche model with the highest number of deliveries in 2024, with 102,889 vehicles being delivered to customers (up 17.5\%). Porsche delivered 62,795 Macans in the past fiscal year, a decrease of 5.2\% compared to the prior year. This is partly due to the discontinuation of the internal combustion Mapan in Europe and the staggered global launch of the all-electric model. Deliveries of the 718 Baysher and 718 Cayman models came to $23,670(\mathrm{up} 15.4 \%$ ). With growth of 1.6\%, deliveries of the Porsche 911 totaled 52,941. The Parsemani was delivered to 29,587 customers (down 13.0\%) This decline is primarily due to the drop in demand for the series in the Chinese market, 20,836. Taycans were delivered to customers in the past year (down 48.7\%). This development is attributable to the strong prior year and the model change that took place in the fiscal year 2024. In addition, the camp-up of electromobility in the Porsche AG Group as a whole has been slower than planned.

In the reporting period, the proportion of purely batterypowered electric vehicles (automotive BEV share) istiod at 12.7\% (2023: 12.8\%) of all deliveries. In addition to the allelectric Taycan, the all-electric Macan has also had an impact on the automotive BEV share since its market launch at the end of September with 18,278 units delivered.

• Environment

Deliveries of the Porsche AG Group

2023	2023
911	53,941	50,144
718 Baysher/Cayman	23,670	20,518
Macan	82,795	87,355
Cayenne	102,889	87,553
Parsemani	29,587	34,020
Taycan	33,836	40,479
	310,718	320,221

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

$\equiv Q \leftarrow \rightarrow \leftarrow$
MAGAZINE
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REFORT
FUNDAMENTAL
FUNDATION IN LEPITO
FUNDATION IN ZUFFENHALL
The Porsche AG Group produced 302,750 vehicles in total in the fiscal year 2024, a decrease of 10.0\% on the prior year.
	Production of the Porsche AG Group
	3654	3655
911	49,095	55,655
118 Booster/Clayman	23,790	23,625
Macer	84,530	87,334
Cayenne	93,868	95,620
Panamara	90,569	93,689
Taycan	31,302	39,397
Production	302,750	334,290
{Fundamental information about the group Business development Results of operations, financial position and net assets Porsche AG HGB financial statements (condensed version) Report on risks and opportunities Report on expected developments}

PRODUCTION

The Porsche AG Group produced 302,750 vehicles in total in the fiscal year 2024, a decrease of 10.0\% on the prior year.

Production of the Porsche AG Group

	3654	3655
911	49,095	55,655
118 Booster/Clayman	23,790	23,625
Macer	84,530	87,334
Cayenne	93,868	95,620
Panamara	90,569	93,689
Taycan	31,302	39,397
Production	302,750	334,290

In 2024, 21,302 Taycan units were manufactured in StuttgartZuffenhausen. Additionally, all the vehicles of the 911 model series (49,095 units) asked off the production line at the main plant. Furthermore, 4 units of the 718 Booster/Clayman were produced in Zuffenhausen.

At the Leipzig plant, the Porsche AG Group produced a total of 114,699 vehicles, which equates to 37.9\% of total production. There were 84,330 units of the Macan model series and 30,569 Panamaras produced in Saxony.

The production of all vehicles at the two sites in Zuffenhausen and Leipzig is net carbon neutral.

At the other production locations such as the Volkswagen Group's multi-brand site in Bratislava (Slovakia) and in Malaysia, 93,864 units of the Cayenne model series were produced. In addition, 23,786 units of the 718 Booster/Clayman model series were completed at the Osnabrück site.

Production sites

PRODUCTION IN ZUFFENHALGEN

A central and production principle focused on quality and flexibility allows the assembly of the two-door sports cars of the 911 model series - from the Carrica Coupé to the DTA Cup race car- on a single production line at the main plant in Zuffenhausen. The flexible production system allows highly individual customer wishes to be integrated directly into series production. Electric, two-door sports cars can also be produced alongside models with bowel engines. An extended assembly line with automated guided vehicles (AGVs) and the creation of a custom testing and finishing area are some of the measures that have been taken to achieve this. The Porsche Taycan is manufactured on a separate line designed exclusively for electric vehicle architectures.

PRODUCTION IN LEPITO

The production facility in Leipzig produces the Macan and Panamara model series. In recent years, the production facility has developed into a competence center for electromobility within the Porsche AG Group. With the start of production of the all-electric Macan in 2024, Porsche Leipzig is able to produce three different drive types in a highly flexible manner on the existing production line: fully electric vehicles, plug-in hybrids and pure internal combustion engines.

RESEARCH AND DEVELOPMENT

Since the founding of Porsche AG, its focus has been on innovative research and development as well as the subsequent implementation in vehicles ready for series production. Research and development plays a key role for sustainable value enhancement in the Porsche AG Group. The vast majority of research and development activities as well as the employees working in this area relate to Porsche AG. The cross-island development network in the Volkswagen Group also strengthens the future viability of the Porsche AG Group.

In the fiscal year 2024, automotive research and development 0603 costs amounted to $€ 2,528$ million compared to $€ 2,834$ million in the prior-year period. The R&D ratio stood at $6.9 \%(2023 / 7.6 \%)$. Additions to automotive capitalized development costs stood at $€ 1,583$ million, thus falling short of the comparable figure in 2023 of 62,081 million. This reduced the capitalization ratio compared to the prior-year period from $73.0 \%$ to $62.6 \%$ due to a change in the project mix and different stages of capitalization for current vehicle projects. At $€ 2,046$ million (2023: $€ 1,712$ million), automotive research and development costs recognized in the income statement were up on the prior-year level. Automotive amortization of capitalized development costs contained therein amounted to $€ 1,101$ million (2023: $€ 960$ million).

In the reporting period, more than half of R\&D expenses were attributable to the transition of the product range toward electromobility. The next generation of the all-electric Tavian and the all-electric Macan were launched in the past fiscal year. A lightweight performance hybrid drive unit was specially developed for the Porsche 911. Using forward, the focus will be on the development of the all-electric Cayenne and 718. In parallel to the efforts being made in the area of electromobility, model series with combustion/hybrid technology are also being further developed.

In March 2024, a strategic partnership was entered into with Applied Intuition, Inc., Mountain View, which specializes in the development of a platform for vehicle software. The aim of the partnership is to increase the proportion of in-house software and reduce dependency on suppliers with a view to reducing complexity and increasing the speed of implementation. The partnership gives Porsche access to extensive knowledge in the development and implementation of vehicle software, including the ability to update it to deliver special customer experiences.

Overall, as of the reporting date, the Porsche AG Group employed 6,739 persons in the area of research and development (2023: 6,699 persons).

Automotive research and development costs

$\equiv Q$	$\leftarrow$	$\leftarrow$

AND NET ASSETS

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CORPORATE GOVERNANCE

COMBINED MANAGEMENT

REPORT
Fundamental information about the group

Business development
Results of operations, financial position and net assets

Porsche AG HDB financial statements (condensed version)

Report on risks and opportunities

Report on expected developments

NON-FINANCIAL STATEMENT
(pot of the Continued Management Report)

CONCOLIGATED FINANCIAL
STATEMENTS

FURTHER INFORMATION

RESULTS OF OPERATIONS

The Porsche AG Group generated sales revenue of 640,083 million in the fiscal year 2024. This is a decrease of 1.1\% on the prior year (2023: 640,530 million) and is largely due to lower vehicle sales coupled with positive price and equipment effects.

In the fiscal year 2024, the Porsche AG Group sold 312,620 vehicles. This corresponds to a 6.3\% decrease in unit sales compared to the prior-year period (2023:333,605 vehicles).

The Cayenne was the best-selling series with 100,469 vehicles sold, followed by the Mason with 60,872 vehicles sold. The new all -electric Mason accounted for 23,765 of these vehicles. The largest relative growth was recorded for the
718 Booster/Cayman (up 2,770 vehicles; up 12.4\%) and the Cayenne (up 7,603 vehicles; up 8.2\%). Declines were recorded for the Taycan (down 17,560 vehicles; down 43.3\%), the Panamera (down 3,729 vehicles; down 10.8\%) and the 911 (down 2,990 vehicles; down 5.5\%) due to the current medet changes, among other things. In addition, the ramp-up of electromobility in the Porsche AG Group as a whole is currently

	2024	2023
911	60,561	53,741
718 Booster/Cayman	29,166	22,345
Mason	62,872	50,161
Cayenne	100,469	93,866
Panamera	30,657	34,386
Taycan	22,696	40,056
Vehicle sales	312,620	333,605

Cost of sales increased by $\$ 832$ million to $\$ 29,756$ million (2023: 628,924 million) and, in proportion to sales revenue, was up on the prior-year level at 74.2\% (2023: 71.4\%). 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 medet range.

At $€ 10,327$ million (2023: $€ 11,606$ million), gross profit decreased accordingly by 11.0\%, with the gross margin standing at $29.8 \%(2023: 28.6 \%)$.

E-ralian	2014	2023
Sales revenue	40,083	40,530
Cost of sales	$-29,756$	$-28,924$
Group profit	10,327	11,406
Distribution expenses	$-3,090$	$-2,869$
Administrative expenses	$-1,850$	$-1,787$
Net other operating result	268	320
Operating profit	5,637	7,284
Return on sales (\%)	14.1	19.0
Financial result	$-400$	91
Profit before tax	5,337	7,375
Income tax expense	$-1,630$	$-2,218$
Profit after tax	3,995	5,157

Distribution expenses increased by $€ 200$ million to $€ 3,099$ million. In proportion to sales revenue, this is an increase of $7.7 \%(2023: 7.1 \%)$. This increase is due, among other things, to higher expenses in the context of digitalization and higher costs for strengthening customer-oriented services. At $€ 1,059$ million, administrative expenses were up slightly on the
prior-year period (2023: $€ 1,787$ million) and, in proportion to
sales revenue, remained virtually unchanged at $4.6 \%$
(2023: 4.4\%)
Net other operating result decreased by $€ 56$ million to $€ 258$ million (2023: $€ 335$ million).
Accordingly, the operating profit of the Porsche AG Group decreased by $€ 1,647$ million to $€ 5,637$ million in the fiscal year 2024 (2023: $€ 7,284$ million). The operating return on sales of the Porsche AG Group stood at $14.1 \%(2023: 18.0 \%)$.

In the fiscal year 2024, the financial result decreased to $€-409$ million (2023: $€ 91$ million). The decrease is mainly due to current servings effects from equity-accounted investments as well as special effects from other investments in the area of batteries and connectivity.

Income tax did not decrease at the same rate as the profit before tax, failing to $€ 1,632$ million (2023: $€ 2,218$ million). This is attributable to the higher tax rate for the Porsche AG Group of $31.2 \%(2023: 30.1 \%)$

Profit after tax decreased by $€ 1,562$ million to $€ 3,595$ million in the current reporting period.

Earnings per ordinary share came to $€ 3,94$ (2023: $€ 5.6 \mathrm{~s}$ ) and per preferred share to $€ 3,95$ (2023: $€ 5.67$ ). Earnings per ordinary share and per preferred share were determined on the basis of a total of $455,500,000$ shares in each category.

Automotive results of operations

Automotive operating profit of $€ 5,286$ million in the fiscal year 2024 fell $€ 1,653$ million short of the prior year (2023: $€ 6,938$ million). With automotive sales revenue of $€ 36,438$ million, automotive return on sales stood at $14.5 \%$ (2023: 18.6\%). Automotive EBITDA decreased by $€ 1,323$ million to $€ 5,271$ million (2023: $€ 9,594$ million) and the automotive EBITDA margin stood at $22.7 \%(2023: 20.7 \%)$. This was mainly due to higher material costs, higher development costs recognized in the income statement and start-up costs in connection with the renewal of the model range.

Automotive EBITDA margin

E-ralian	2024	2023
Automotive operating profit	5,286	6,938
Depreciation, amortization and
implement board,	2,985	2,656
Automotive EBITDA	8,271	9,594
Automotive sales revenue	36,438	37,349
Automotive EBITDA margin (\%)	22.7	25.7

Financial services results of operations
Financial services sales revenue increased to $€ 3,910$ million (2023: $€ 3,444$ million). Financial services operating profit decreased to $€ 278$ million in the fiscal year 2024 (2023: $€ 302$ million).

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MAGAZINE
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Fundamental information about the group	Fundamental information about
Business development	the group
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) Results of operations, financial position and net assets
	Porsche AG HGB financial statements (condensed version)
	Report on risks and opportunities
	Report on expected developments
	NON-FINANCIAL STATEMENT
	(part of the Continued Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
	FURTHER INFORMATION

The decrease was mainly due to the measurement of interest rate hedges and derivatives outside of hedge accounting as part of regular influencing activities. As a result, financial services return on sales decreased to $7.1 \%(2023-8.8 \%)$
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 $39.6 \%$ on of December 31, 2024 (2023: 40.1\%). While demand for financial services products increased year on year in the regions North America excl. Mexico and China inc). Hong Kong, demand in the regions Germany, Europe without Germany and Overseas and
Emerging Markets declined slightly.
The main reasons for the year-on-year decline in the European markets were the persistently high interest rates and a change in the model mix due to numerous model launches. The latter had a negative impact on overall penetration due to a lower proportion four-door model series, which structurally have a higher penetration.

The overall number of contracts for financing and leasing of the Porsche AG Group, including its cooperation partners, increased by $1.2 \%$ to $349^{\circ}$ thousand contracts as of December 31, 2024 (2023: 345 thousand contracts).

FINANCIAL POSITION

In the fiscal year 2024, cash flows from operating activities of the Porsche AG Group amounted to $66,353$ million, down on the prior year (2023: €7,023 million). This decrease is primarily attributable to the lower profit before tax.

Cash outflows in working capital of $€ 1,960$ million (2023: cash outflows of $€ 1,866$ million) comprised cash inflows in the automotive segment as well as cash outflows in the financial services segment relating to changes in leased assets of $€ 1,852$ million (2023: cash outflows of $€ 1,322$ million) and recelvables from financial services of €399 million (2023: cash outflows of €645 million).

Cash outflows from investing activities amounted to $€ 4,120$ million and increased year on year by $€ 2,917$ million (2023: cash outflows of $€ 1,253$ million). In addition to lower cash outflows from investing activities of current operations, the change in investments in securities and time deposits and loans resulted in cash outflows of $€ 113$ million (2023: cash inflows of $€ 3,119$ million).

Cash outflows from financing activities of $€ 1,679$ million (2023: cash outflows of $€ 3,708$ million) largely related to the dividend payment of $€ 2,101$ million (2023: profit transfer and dividend payment of $€ 4,895$ million). In addition, there were cash inflows in the change in other financing activities of $€ 421$ million (2023: cash inflows of $€ 1,186$ million).

Automotive financial position

Automotive cash flows from operating activities decreased by $505 million to $€ 7,750$ million (2023: $€ 8,256$ million). This includes cash outflows of $€ 250$ million in connection with the pension plans funded by external plan assets.

Cash inflows in automotive working capital amounted to $€ 210$ million (2023: cash outflows of $€ 2$ million). The automotive working capital was affected by the cash outflows of $€ 56$ million caused by the change in inventories (2023: cash outflows of $€ 671$ million). The inventories of vehicles built up in the prior year in connection with the market launch of the Cayenne decreased in the fiscal year 2024. Cash inflows from the change in recelvables increased to $€ 294$ million (2023: cash outflows of $€ 279$ million). The cash outflows from the change in liabilities of $€ 449$ million (2023: cash inflows of $€ 578$ million) were related to the decrease in trade payables, which resulted in cash outflows in the ordinary course of business. The change in other provisions of $€ 521$ million (2023: cash inflows of $€ 370$ million) had a positive impact on automotive working capital.
Compared to the prior-year period, cash outflows from the investing activities of current operations decreased from $€ 4,282$ million to $€ 4,016$ million. While automotive capital expenditure increased year on year to $€ 2,119$ million (2023: cash outflows of $€ 1,964$ million), additions to capitalized development costs decreased to $€ 1,583$ million (2023: $€ 2,081$ million). Cash outflows from the change in equity investments increased to $€ 437$ million (2023: cash outflows of $€ 248$ million), in particular due to investments in strategic partnerships in connection with the digitalization strategy.

As of the end of the fiscal year, the automotive net cash flow decreased moderately to $€ 3,735$ million (2023: $€ 3,973$ million). The decrease in the automotive net cash flow margin to $10.2 \%(2023: 10.6 \%)$ was primarily due to the lower profit before tax. This was offset by cash inflows in working capital and lower cash outflows in investing activities of current operations.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	In some cases, the risk management systems in place define minimum values and exchange rate hedges are entered into when market conditions are appropriate.
MAGAZINE
TO OUR DIAGREHOLDERS
CORPORATE GOVERNANCE
COMPRENCE MANAGEMENT REPORT
	Fundamental information about the group
	Business development
	Results of operations, financial position and net assets
	Porsche 60,000 financial statements (condensed version)
	Report on risks and opportunities
	Report on expected developments
	NON-FINANCIAL STATISMEN (post of the Continued Management Report)
CONDILLOMTO FRANCIAL
STATISMENTS

FURTHER INFORMATION

N

NET ASSETS

At the end of the reporting period, the Porsche 4G Group reported total assets of $65,527 million, that is a 6.7\% increase compared to December 31, 2023.

Intangible assets increased from $55,554 million to $6,041 million. The increase was largely attributable to capitalized development costs.

Property, plant and equipment increased by $6,634 million to $10,048 million compared to 2023. The increase primarily resulted from additions to furniture and fixtures, plant and machinery and land and buildings, while advance payments made and assets under construction decreased. Leased assets increased by $1,232 million to $5,393 million compared to 2023. This item includes vehicles leased by customers under operating leases.

Non-current and current financial services reorivables increased from $6,345 million to $6,886 million. These mainly include reorivables from finance leases as well as reorivables from customer and dealer financing. The number of financing and leasing contracts increased in the past fiscal year.

Equity-accounted investments, other equity investments, other financial assets, other reorivables and deferred tax assets increased overall from $3,592 million in the prior year to $3,780 million.

Investments accounted for at equity include additions of 148 million, with higher offsetting subsequent measurement resulting in an overall decrease of $424 million to $6,67 million.

The increase in other financial assets of $70 million was due to the acquisition of shares in new investments, with impairments due to subsequent measurements and dispersés due to reclassifications to investments accounted for using the equity method having the opposite effect.

In total, non-current assets increased by $2,832 million to $33,239 million. Non-current assets expressed as a percentage of total assets amounted to $62.1 \%(2023: 40.3 \%)$. |
| :--: | :--: |
| | Compared to the prior year, inventories increased from $5,047 million to $6,130 million as a result of propproments made under inventories. By contrast, there was a decrease in inventories of vehicles built up in the prior year in connection with the market launch of the Ouyenne. |
| | Current other financial assets and other receivables decreased by $835/million to $3,712million. The reduction mainly related to receivables from loans, making derivative financial instruments to market and trade receivables. By contrast, there was an increase in miscellaneous financial assets and other receivables. |
| | Securities and time deposits as well as cash and cash equivalents increased by $704 million to $8,349 million compared to 2023. |
| | As of December 31, 2024, the equity of the Porsche 4G Group increased by $1,388 million to $23,056 million compared to the figure from December 31, 2023. Profit after tax led to an increase in equity of $3,595 million, while other comprehensive income, net of tax, led to a decrease in equity of $716 million. Within other comprehensive income, net of tax, the decrease was mainly due to the measurement of derivative financial instruments through other comprehensive income, while effects from currency translation as well as the remeasurement of pension plans, net of tax, led to an increase. |
| | Dividend payments of $2.101 million, which were resolved by the Annual General Meeting of Porsche 4G on June 7, 2024, caused equity to decrease. |
| | Pension provisions decreased by $241 million in the fiscal year 2024 compared to the comparative period of 2023. The decline is due in particular to allocations made to external plan assets. It is also due to the change in the discount rate for domestic pension obligations from 3.2\% to 3.4\%. This was partly offset by the decrease in current service cost. |
| | Furthermore, non-current other liabilities increased by $535 million to $4,894 million compared to December 31, 2023. In total, non-current liabilities increased by $917 million to $16,139 million. Non-current liabilities expressed as a percentage of total capital amount to $0.1\%(2023: 30.2\%). |

$\equiv \mathrm{Q} \longleftarrow \rightarrow \longleftarrow$
MAGAZINE		8834
Salto misto	30,795	31,839
Charges in inventories and other next work capitalized	$-45$	84
Total operating performance	30,760	31,923
Other operating income	2,333	3,100
Cost of materials	$-18,500$	$-18,993$
Personnel expenses	$-3,070$	$-3,336$
Amortization and depreciation of intangible assets and property, plant and equipment	$-1,899$	$-1,662$
Other operating expenses	$-4,640$	$-4,560$
Investment result	530	1,932
Interest result	$-146$	$-37$
Profit before taxes	5,336	6,602
Income tax expense	$-1,130$	$-1,626$
Profit after taxes	4,351	6,877
Other taxes	$-26$	$-37$
Net income for the year	4,176	4,840
Additions to retained earnings	$-2,575$	$-4,420$
Discibutable profit	2,100	3,420
NET ASSETS AND FINANCIAL POSITION
As of December 31, 2024, total assets increased by	Equity amounts to $13,648 million as of the reporting date
$€ 1,932$ million from $235,393 million to $27,325 million. Fixed	(2023: $11,573 million). The equity ratio stands at $49.9 \%$
assets increased by $1,877 million, while current assets	(2023: 40.6\%).
increased by $57 million.
The share of fixed assets in relation to total assets was 63.5\%	The share of fixed assets in relation to total assets was 63.5\%
(2023: 61.0\%). Property, plant and equipment increased by	(2023: 63.6\%)
8540 million to $7,458 million (2023: 66,899 million);
investments exceeded depreciation, amortization and
impairment losses. The increase in fixed financial assets by
$€ 1,655$ million to $7,799$ million is primarily the result of a	The capital reserves remain unchanged compared to the prior
charges the intragroup reorganization of the investment	year of 63,822 million.
structure through the contribution of shares in MAP
Management - and IT -lliterating GmbH, Luibelgebung, in	In acoidance with the resolution on the appropriation of net
exchange for the granting of new shares in Porsche investments	profit passed by the Annual General Meeting, a partial amount of
Management S.A., which led to additions of $1,592$ million and	$61,320$ million was transformed from the prior-year distributable
disposals of shares of €266 million.	profit to retained earnings in accordance with section 58 (3)
Current assets amounted to $9,816 million as of December 31,	$460$	$4,650$
2024 (2023: $9,759 million). The slight increase in current
assets is primarily due to the increase in inventories in
connection with advance payments made (up $318 million) and
higher receivables from affiliated companies (up $104 million).	By contrast, inventories of finished vehicles decreased (down
$€ 1,932$ million from $235,393 million to $27,325 million. Fixed	$626,1$ million). In addition, trade receivables (down $115$
assets increased by $57 million), in addition, trade receivables (down $115$	$10,800$ and other assets (down $167$ million) decreased,
2024 (2023: 61,0\%). Property, plant and equipment increased by	peritushers in connection with the measurement of derivative
8540 million to $4,186 million (2023: 64,649 million) is mainly due	financial instruments. Provision for pension obligatio
to the repayment of two debenture bonds in the amount of
8303 million.

The capital reserves remain unchanged compared to the prior year at $3,822$ million.

In accordance with the resolution on the appropriation of net profit passed by the Annual General Meeting, a partial amount of $1,320$ million was transformed from the prior-year distributable profit to retained earnings in accordance with section 58 (3)
AktG. After the transfer to retained earnings pursuant to section 58 (3) AktG of $2,075$ million, the company's distributable profit is $2,100$ million (2023: $2,420$ million).

Provisions for pensions largely relate to pension benefits for the employees of Porsche AG. The pension obligations are fully covered by provisions. Provisions for pension obligations (pension provisions) are discounted at the average market interest rate of the past ten fiscal years (section 253 (2) sentence 1 HEB).

These are $£ 553$ million (2023: $€ 112$ million; difference pursuant to section 253 (6) HEB) lower than the carrying amount for pension provisions that would have been recorded as of December 31, 2024 had the seven-year average interest rate been applied. The decrease in pension provisions by $€ 105$ million to $5,186 million was mainly due to the pension plans of $£ 250$ million funded by external plan assets in the fiscal year 2024.

Other provisions increased by $€ 430$ million from $3,824$ million to $4,254$ million, mainly due to the increase in warranty provisions (up $116 million) and the provision for exceeding emission limits (up $165 million). The latter is due to the overall
down than planned ramp-up of eteicromability at Porsche AG. The decrease in liabilities including deferred income by $A K o$ $166 \mathrm{~g}$ million to $64,186 \mathrm{~m}$ (2023: $64,649 \mathrm{mi}$ lion) is mainly due to the repayment of two debenture bonds in the amount of 8303 million.

Porsche AG assesses its economic situation against the background of the extensive renewal of the product portfolio, the overall challenging economic and political environment, the
down transition to eteicromability and market developments in the region China incl. Hong Kong. Porsche AG coarimented the decline in deliveries in the region China with an increased focus on deliveries in the other regions. The result is a globally
biderent sales structure in the past fiscal year. Against this background, Porsche AG consider the overall development of the fiscal year 2024 to be sold, in line with the Porsche AG Group. In addition, Porsche AG was always able to fulfill its financial obligations in the fiscal year 2024.

DIVIDEND POLICY

As part of its financial strategy, Porsche AG is pursuing the goal with its dividend policy of a continuous dividend development that allows its shareholders to have an appropriate share of the
success of the business. The proposed amount of the dividend
aims to take the financial targets into account, primarily that of
securing a sound financial basis.
Porsche AG currently aims in the medium term to distribute an annual dividend of around $50 \%$. The distribution rate is based on the $R 95$ profit loss of the group after taxes.

In accordance with section 58 (2) AktG, the dividend payment by Porsche AG is based on the net retained profits reported in the annual financial statements of Porsche AG prepared in accordance with the German Commercial Code. Based on these annual financial statements of Porsche AG, following the transfer of $2,075$ million to other retained earnings, net retained profit of $2,100$ million is eligible for distribution.

It will be proposed to the Annual General Meeting that a partial amount of $€ 1,048$ million (2023: $€ 1,048$ million) from the distributable profit of $2,100$ million (2023: $2,420$ million) be used to pay a dividend of $2,35$ per ordinary share carrying dividend rights at a partial amount of $€ 1,052$ million
(2023: $€ 1,052$ million) be used to pay a dividend of $2,31$ per
preferred share carrying dividend rights. In addition, no further transfer to other retained earnings is proposed
(2023: $€ 1,320$ million).

BUSINESS DEVELOPMENT OF PORISCHE AG
As the parent company of the Porsche AG Group, Porsche AG is generally subject to the same in Business development, risks and opportunities as well as expected developments. The in Bupont an expected developmenis section comments on the forecast, while the in Report on risks and opportunities section comments on the risks and opportunities.

Sales
In the fiscal year 2024, Porsche AG sold 300,277 vehicles in total (2023: 332,681 vehicles). The decrease of $9.7 \%$ is mainly due to higher sales to importers and sales networks in Europe and North America. By contrast, the Chinese market declined. The decline is largely attributable to the continuing challenging economic situation in this region.

Production
In the reporting year, Porsche AG manufactured a total of 188,115 vehicles (2023: 228,727 vehicles) at its Zufforthausen and Leipzig plants. In addition, Volkswagen Derabrück GmbH produced a further 23,786 vehicles on a contrast basis.

Personnel
As of December 31, 2024, a total of 23,650 persons (2023: 24,724 persons), excluding employees at subsidiaries, were employed at Porsche AG. On average, Porsche AG had 24,029 employees in the fiscal year 2024.

RISKS FROM FINANCIAL INSTRUMENTS

When using financial instruments, Porsche AG is generally exposed to the same risks as for the Porsche AG Group. An explanation of these risks can be found in the - Report on risks and opportunities in this combined management report.

DEPENDENT COMPANY REPORT

The Executive Board of Porsche has submitted to the Supervisory Board the report required by section 312 AktG and issued the following concluding declaration:
"We declare that Porsche AG received appropriate consideration for each transaction with affiliated companies as defined by section 312 AktG in the period from January 1 to December 31, 2024. This assessment is based on the circumstances known at the time when the transactions were entered into."

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Fundamental information about the group
Business development
Results of operations, financial position and net assets
Porsche AG HDB financial statements (condensed version)
Report on risks and opportunities
Report on expected developments
NON-FINANCIAL STATISMEN (part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATISMENTS
FURTHER INFORMATION

The relevant quantified risks identified as of December 31, 2024, i.e. risks with a financial net potential in a worst-case scenario greater than or equal to $€ 100$ million, form the basis for the reporting of the Porsche AG Group's risk and opportunity situation. $\rightarrow$ Risk and opportunity situation as of December 31, 2024

The strategic risks category exclusively comprises long-term corporate risks that may impair the Porsche AG Group's ability to achieve its long-term corporate goals.

Strategic risks are always evaluated qualitatively on the basis of their long-term nature, which means that they are not included in the risk-bearing capacity calculation and are therefore not reflected in the risk and opportunity situation as of December 31, 2024. The early identification of strategic risks and the implementation of effective control measures strengthen the resilience of the Porsche AG Group. Strategic risks include the geopolitical environment, dependence on the supply chain, product development & innovation and the strategic orientation of the Porsche AG Group. These risks are included in the annual reporting to the Executive Board and Supervisory Board of the Porsche AG Group. Long-term sustainability-related aspects are also considered part of strategic risk management. If issues maticlable in the context of strategic risks and risks arise within the RME period under review, these are included in the other risk categories and assessed quantitatively if they are material. These risks are reflected in the current risk and opportunity situation of the Porsche AG Group.

ROB MANAGEMENT

The risk categories are set down in the risk-strategy. In addition, the risk-strategy also includes four overarching pillars of managing risks.

• Risk acceptance: The risk is accepted as identified - Risk avoidance: The risk-causing situation is not entered into in order to exclude the risk
• Risk reduction: The probability and/or impact of the risk is reduced
• Risk transfer: The risk is transferred onto the statement of financial position of another company.

ROB AGGREGATION AND ROB-BEARING CAPACITY
Risks can lead, both individually, but primarily when acting together in an unfavorable manner, to a situation that could jeopardize the company's ability to continue as a going concern. To ensure that the interplay of individual risks is adequately taken into account, central risk management aggregates the relevant quantified individual risks, i.e. risks with a financial net potential in a worst-case scenario greater than or equal to $€ 100$ million, into an overarching overall risk, which is compared with the current risk coverage potential. The overall risk is calculated using the value-at-risk at a confidence level of $99 \%$ for the RME period under review. Risks with a financial net potential in a worst-case scenario below the $€ 100$ million threshold are included in the overall risk situation as a lump sum. Risk aggregation is carried out using IT-supported simulations (Mantel-Carlo simulation).

The RME's risk-bearing capacity concept is based on the perspectives of over-indebtedness and insolvency. The overall risk is evaluated in relation to its potential negative impact on the operating result (EBIT) and cash flow. This is then compared with the current risk coverage potential. Potential losses in operating profit (EBIT) are compared with equity, and the potential negative cash flows are compared with available liquidity. The automotive segment is considered separately and the financial services segment is also monitored separately in order to determine the company's specific risk-bearing capacity.

In order to ensure that developments jeopardizing the group's ability to continue as a going concern are recognized at an early stage, the risk-bearing capacity concept contains limits and the likelihood of these limits being exceeded is incorporated into the reporting to the Executive Board and Supervisory Board. The maximum tolerable amount of the overall risk can be derived using these limits (risk appetite).

Structures and procedures
Structures and procedures of risk management

Information and acknowledgement	Executive Board		Supervisory Board
Review of the risk situation for completeness		Advisory body Risk Council
Plausibility test and assessment of the risk situation	Central risk management function	Risk owners	Other key functions
Risk identification and reporting		Risk owners Porsche AG specialist departments and subsidiaries

ROB MANAGEMENT SYSTEM
The Porsche AG Group's risk management is organized along decentralized lines. Alongside the central risk management function as a method and reporting center, each main department of Porsche AG and each subsidiary linked to risk management is represented by risk managers who are responsible for managing the implementation of and adherence to baseline standards. The decentralized organizational structure is designed to emphasize the importance of risk management in the local operating units and ensure risks are managed effectively.

The basis of consolidation of the RME matches that of the Porsche AG Group. If it makes sense from a risk perspective, the basis of consolidation can be expanded for risk management purposes to include other subsidiaries.

In line with the decentralized organizational structure, risks are identified and recorded in the risk management IT tool by the departments of Porsche AG and those subsidiaries linked to risk management as the risk owners. As part of the risk report, the risk owners provide control measures and an assessment of the financial net potential of the risk in a worst-case scenario. The financial net potential in a worst-case scenario indicates the greatest possible financial impact over the entire term of the risk for the Porsche AG Group, taking into account financial losses from reputational risks and legal consequences. All risk management elements already in place are taken into account. Bandwidths are defined within fixed risk classes to classify the financial net potential in a worst-case scenario.

The risks are checked for plausibility and assessed together in the next step by central risk management, the risk owners and other key functions. Relevant risks are quantified within the risk categories of sales risk, supply risk, financial risk, personnel risk and operational risk. Central risk management coordinates with the risk owner and other key functions in order to take the necessary information into account in the stochastic risk modeling.

Stochastic risk modeling uses appropriate probability distributions (e.g. equal distribution, triangular distribution etc.) and IT-supported simulation methods (Mantel-Carlo simulation). As part of the risk simulation, the expected value of the financial loss and the value at risk at a confidence level of $99 \%$ are determined for the RME period under review.

On a quarterly basis the relevant quantified risks are reviewed by the Risk Council for completeness. The Risk Council is an advisory body linked with reviewing baseline standards for instruments and methods of the RME and the associated reporting system. The risk situation for the respective quarter and the overall risk are reported to the Executive Board and Supervisory Board.

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Report on risks and opportunities
Report on expected developments
NON-FINANCIAL STATISMEN (part of the Custodian Management Report)
CONSOLIDATIO FINANCIAL STATISMENTS
FURTHER INFORMATION

A core element of risk management of the Porsche AG Group is that risks can be reported and updated without delay via the group-wide reporting channels that have been set up. Outside of the standard process, there is an event-based reporting process for risks of the utmost urgency.

A risk requiring urgency is deemed as such if the financial net potential in a worst-case scenario over the entire term of the risk is greater than $€ 5 billion for Porsche AG or $100 million for subsidiaries and the probability of occurrence exceeds $50 \%$ in the next two years.

The Porsche AG Group has ensured the level of qualification and extensive training of employees involved in the risk management process. In addition, voluntary refresher trainings are also offered alongside compulsory trainings. Central risk management reviews the progress of training and the level of coverage on an ongoing basis and reports this on an annual basis to the Risk Council.

For the documentation of the group-wide RMS and exercising the monitoring function, there is an IT system that reflects all of the risk management processes. It supports the employees involved in the risk management process in executing risk management processes and compliance with baseline standards defined in risk management. In addition, central risk management supports the employees involved in all phases of the process.

INTERNAL CONTROL SYSTEM

The Porsche AG Group's Internal Control System (ICC), which is a key element of the RMS, comprises processes, guidelines and mechanisms that safeguard and monitor operational processes, financial reporting and compliance with laws and (internal) regulations. As a central corporate management tool, it helps to increase the transparency of processes, ensure the necessary process stability and the clear assignment of responsibilities. Sustainability-related aspects are also taken into account. Monitoring is based on defined process risks, which are managed through recurring control activities.

The ICC consists of various sub-processes that build on each other in the form of a cycle. The defined process risks and control objectives are updated in annual test of design. The risk owners must ensure that the process risks and control objectives presented are fully and effectively covered by appropriate control activities. This is followed by a review of the functionality of the controls in the annual test of effectiveness. The scope of the test of effectiveness is determined on the basis of various risk-oriented criteria.

In a final step, an annual report on the appropriateness and effectiveness of the ICC is submitted to the Executive Board and Supervisory Board of Porsche AG. In addition, regular reports are submitted to the Risk Council on the current implementation status of the weaknesses identified in the test of effectiveness.

Monitoring of the effectiveness of risk management, the internal control system and the compliance management system

To ensure the effectiveness of the RMS and the ICC, optimization needs are identified and implemented as part of the continuous monitoring and improvement processes. Internal and external requirements are taken into consideration equally. This also applies to Porsche AG's compliance management system in accordance with the Porsche Group's compliance management guideline, which aims to ensure compliance with the relevant legal provisions and regulations considered there and is continuously monitored and enhanced in a risk-oriented manner, taking into account internal and external requirements.

The results of the continuous monitoring and improvement process of the RMS/ICC are reported to the Executive Board and the Supervisory Board of Porsche AG.

There is also quarterly reporting on the risk situation and annual reporting on the results of the test of operating effectiveness of the ICC to the Executive Board and the Supervisory Board of Porsche AG. There is regular and event-related reporting on Porsche AG's compliance management system to the Executive Board and Supervisory Board.

Based on this reporting content, the Executive Board and Supervisory Board of Porsche AG are not aware of any indications of the Porsche AG's RMS/ICC or compliance management system not having been appropriate or effective as a whole in the fiscal year 2024.

Inexpective of this, there are inherent limitations of the effectiveness of every control and risk management system or compliance management system. For example, even a system that is deemed appropriate and effective cannot ensure that all risks that actually arise or legal violations are identified beforehand nor can the possibility of process disruptions be completely ruled out.

Internal control and risk management system in the context of the group accounting process

The internal control and risk management system relating to accounting aims to minimize the risk of material misstatements in the consolidated financial statements and in external reporting.

The internal control system includes methods and principles as well as measures and controls derived the inform, which ensure the complete, timely, uniform and correct recording and transmission of the relevant information for the consolidated financial statements and the combined group management report of Porsche AG.

The Porsche AG Group's accounting is generally organized along decentralized lines. Accounting duties are largely performed independently by the consolidated subsidiaries. The Volkswagen Group's IYRS Accounting Manual is used to ensure the application of uniform accounting policies. In addition, the Porsche AG Group specifies these provisions with instructions for the quarterly and annual financial statements as well as further reporting rules.

A central element of the internal control system is regular risk analysis and assessment in order to identify and manage significant risks to the accounting and financial reporting processes in the legal entities of the Porsche AG Group and central functions at an early stage. The group comprises included are identified in a quantitative and risk-oriented process. The subsequent definition and implementation of controls as well as their execution and documentation are carried out uniformly in accordance with group-wide guidelines. The control system contains preventive and detective controls and is integrated into accounting-related processes at the respective group functions and companies.

Alongside, the possibility and consistency checks, other elements of the internal control system applied during the preparation of the annual and consolidated financial statements of Porsche AG include the clear delineation of areas of responsibility and the application of the principle of dual control. Further control activities at group level include analyzing and, if necessary, adjusting the data reported in the financial statements presented by the subsidiaries and the consolidation measures carried out. Furthermore, the Porsche AG Group uses data analyses to identify and eliminate any process and control weaknesses.

The effectiveness of the internal control system is systematically assessed using standardized procedures. Regular tests based on samples are performed. This forms the analysis of the assessment of whether the controls are appropriately designed and effective.

If weaknesses are identified in the course of process-integrated controls or effectiveness tests, the Porsche AG Group takes mitigating measures to eliminate the weaknesses.

The standards of the accounting-related internal control system are defined uniformly throughout the group and continuously enhanced. At the end of the annual cycle, the relevant group companies confirm that the group-wide guidelines have been implemented. The results from the accounting-related ICC are reported to the Executive Board and Supervisory Board of Porsche AG.

Based on the controls, effectiveness tests and mitigating measures carried out for the fiscal year 2024, Porsche AG considers the accounting-related internal control and risk management system to be appropriate and effective.

Opportunity management
In a dynamic market environment, it is not only important to change risks effectively when making business decisions, but also to identify and realize opportunities consistently and in the best possible way.

Opportunities management is closely based on strategic targets and is an integral component of the operational structures and procedures in conjunction with the general planning and management processes in the Porsche AG Group. This includes optimizing revenue and costs as well as improving products, mobility and financial services. For this purpose, the Porsche AG Group is constantly analyzing the environment of its business model in order to identify trends, e.g. from the market, technology, society and environment as well as changes in key factors at an early stage. With the help of scenario analyses involving strategic business planning, the affected business

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divisions and Controlling - the developments relevant for the business model are considered and assessed as as to derive any potential effects for the Porsche AG Group.

The business divisions use this to derive short, medium- and long-term opportunity potential and questionnaire this potential accordingly. In addition to the systematic implementation of its strategy, the Porsche AG Group aims to secure its long-term competitiveness and future viability through further efficiency and opportunity initiatives. The identification of specific targets from the aforementioned initiatives offer additional potential to generate opportunities.

The earnings indicators and cost structures combined with a high level of financial strength provide the Porsche AG Group with the financial headroom for future investments in products, technology and services, even in a challenging environment. The Porsche AG Group is managed by targets and opportunities with a clear focus on a sustainable increase in the value of the company.

BOOK AND CIPPOIETUNATY SITUATION AS OF DECEMBER 31, 2024

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.

The macroeconomic environment represents the framework conditions for the rules and opportunities listed in the following categories and is included as an assumption in the assessment of these risks and opportunities.

The macroeconomic conditions are characterized by extraordinary uncertainties and influence the business development of the Porsche AG Group. Uncertainties arise in particular from global economic and geopolitical events and protectionist tendencies. In addition, there are increasing environmental challenges that affect individual countries and regime to varying degrees. High private- and public-sector debt is clouding the outside for growth and may likewise cause markets to respond with uncertainty. Demographic change may also inhibit growth. Turbulence on the financial market, persistently high energy and commodity prices and an inflation rate that is declining but remains at a high level, combined with a continued restrictive monetary policy, are also leading to persistently high interest rates, cautious purchasing behavior and waing economic performance, which are having an impact on the business activities of the Porsche AG Group.

The relevant risks by risk category for the Porsche AG Group as of December 31, 2024 are presented below. Based on the expected value within the RMD period under review, the significant risks are aggregated by category and classified as "low", "medium" or "high" for the Porsche AG Group. The table below shows the classification of the aggregated risks in the respective categories based on the limits shown. Any changes in risk classification compared to the prior year are also indicated.

Overview of risks in the Porsche AG Group ${ }^{1}$

Risk categories	Classification of the level of risk	Change on prior year
Sales risks
Trade barriers ${ }^{2}$	High	Increased
Market development	High	Unchanged
Supply risks
Purchasing and logistics	High	Unchanged
Geopolitics	High	Unchanged
Operational risks
Regulatory environments ${ }^{3}$	High	Increased
Information technology	Medium	Increased
Taxes	Low	Unchanged
Cigarette	Low	Unchanged
Financial risks ${ }^{4}$
Currency	Low
Commodities	Low
Interest rates	Low
Other financial risks	Low
Personnel risks	Low	Unchanged
As of December 31, 2024: the "Strategic risks and opportunities" are no longer part of the risk situation due to the long-term growth under review. * Risk categories of the Porsche AG Group. As of December 31, 2024, countries also are imported under "Sales risks" as part of the Service (SSST) reported reported under "Operational risks". As of December 31, 2024, the regulatory environment within "Operational risks" also includes draft legislation (SSST) "Strategic risks". As of December 31, 2024, the "Financial risks" are integrated into the risk situation (SSST). "Financial risk management and methods are well as opportunities" (verbal). It is not possible to present the change compared to the prior year due to the change in methodology.
Anxious
Low	$>8000$ million
Medium	$>4500$ million - $47.148 \mathrm{~km}$
High	$>87.148 \mathrm{~km}$

Sales risks and opportunities
TAKER BARRIERS
The Porsche AG Group is exposed to relevant risks in connection with trade barriers. This concerns both tariff trade barriers in the form of customs duties and non-tariff trade barriers, such as regulatory measures to protect domestic producers or the restriction of international trade. The number of trade restrictions continues to grow, increasing the risks associated with trade barriers, and are therefore to be classified as "high".

Based on the free trade agreements that the EU has concluded with various countries, Porsche vehicles can be imported to these countries at reduced rates of customs duties or duty-free, subject to compliance with the local context requirements. New and more stringent local context requirements necessitate an ongoing adjustment of the calculation processes. If local context requirements are not met, there is a risk for the Porsche AG Group that the standard rate of customs duty will have to be applied when importing vehicles.

A key risk in this context is the possibility of import tariff increases by the USA, which could have a significant impact on pricing and sales in the US market. To counter this risk, the Porsche AG Group has developed preparatory measures that enable it to react to any changes quickly and in a targeted manner.

Changes in trade policy frameworks may also give rise to positive earnings effects for the Porsche AG Group. Potential for lower cost of goods sold or also the possibility to offer products and services at lower prices is offered by a possible removal of tariff barriers, import restrictions or a reduction of direct excise duties.

There are also further sales risks as a result of the ongoing trade conflict between Europe, the USA and China. Import restrictions in the US market in the form of potential bans on the use of certain foreign components and software solutions are of particular importance to the Porsche AG Group. As a result, adjustments may be necessary in the supply chain. The Porsche AG Group monitors local developments in the US market on an ongoing basis and takes appropriate preventive measures to reduce the impact on business activities.

In the context of increasing trade barriers, laws governing export controls also play an important role for the Porsche AG Group. This means that components and materials from abroad that are subject to certain export control laws cannot be exported, or can only be exported with restrictions. This may affect significant business transactions and have a negative impact on the sales and reputation of the Porsche AG Group. Developing new tools in this context are monitored and evaluated on an ongoing basis.

MARKET DEVELOPMENT

Within the "Sales risks and opportunities" category, the risks for the Porsche AG Group in connection with market development are classified as "high", as in the prior year.

There is also still the risk of an increasing decline in demand due to the dynamic market and competitive situation in China. A deterioration in the overall economic situation in China, e.g. as a result of a real estate crisis and the associated loss of purchasing power, increasing competition in the Chinese market or localization efforts, as well as structural changes in the automotive sector continue to be felt and may continue to have an impact on sales expectations in the market. The market situation in China is constantly monitored and taken into account in sales planning.

In addition, the entire automotive industry is undergoing a transformation toward electromodality. For the Porsche AG Group, product development and the electrification strategy not only offers opportunities and learning effects, but also poses risks. Increased transformation risks may arise in particular from a delayed transformation of the sales markets toward electromodality. These risks are cooriented by a flexible product portfolio, which includes vehicle models with combustion engines and plug-in hybrids in addition to electromodality.

$\equiv Q \leftarrow \rightarrow \leftarrow$	In addition, the Porsche AG Group is faced with scheduling risks that may arise from delays in the deployment of new electromobility technologies and that may have a negative impact on the competitiveness of the Porsche AG Group. There are also challenges in the area of the fast- charging infrastructure required for electromobility. An insufficiently developed charging infrastructure can lead to a potential loss of BEV sales.
MAGAZINE	The development of the global political framework conditions and requirements in this context, such as the reduction or elimination of government subsidies for electric vehicles, may also affect expectations in the Porsche AG Group's sales markets.
COMPARATE GOVERNANCE	However, the increasing importance of sustainability among all stakeholders offers the Porsche AG Group the opportunity to further improve its market position and create additional sales incentives through targeted communication and marketing of its sustainability attributes.
NON-FINANCIAL STATISMEN (part of the Continued Management Report)
CONSOLIDATIO FINANCIAL	Supplies are analyzed proactively for physical climate role to a broad and
STATISMEN'S	rejailment of the EuroVigilant
FURTHER INFORMATION	easored by climate hazards in the supply chain. Climate change means that extreme weather events are occurring more and more frequently, which can affect the operations of supplies to the Porsche AG Group. These interruptions to operations may result in lost production-increased operating costs for the Porsche AG Group. Supplies are analyzed proactively for
	physical climate role to a broad and
	reavowing the strength of the brand in conjunction with innovation can also support the
	realization of unit prices and the associated earnings potential.

Supply risks and opportunities

PURCHLING AND LIVERTICE

In the Porsche AG Group, the supply risks within the
"Purchasing and logistics" sub-category decreased on the prior year, but are still classified as "high".
There are risks associated with the start of production of vehicles being scaled back, delayed or pastipared due to quality or scheduling problems in the supply chain. There are also significant risks associated with existing vehicle models. These arise, among other things, from potential insurencies or liquidity bottlenecks at suppliers, which could have a negative impact on the Porsche AG Group's production processes and thus on supply chain stability. In addition, possible results due to quality problems in the supply chain could have a negative impact on the Porsche AG Group and lead to cost and sales risks. By closely monitoring the supplier relationship, the necessary risk management measures can be initiated at an early stage.
There are also significant risks due to business interruptions caused by climate hazards in the supply chain. Climate change means that extreme weather events are occurring more and more frequently, which can affect the operations of suppliers to the Porsche AG Group. These interruptions to operations may result in lost production-increased operating costs for the Porsche AG Group. Supplies are analyzed proactively for physical climate role for risk management purposes.
Significant risks may also arise from the provision of software for products and connectivity services for the Porsche AG Group. Risk factors here are the timely provision of the software in the required quality. Compared to the prior year, the risk factors have decreased as a result of expanding strategic partnerships in the area of software and connectivity services. However, there are still significant risks in this environment. As a result, project milestones are missed or delayed, which may impact vehicle launch schedules. Competitive disadvantages are also conceivable if demand requirements are not met as a result of quality problems.

The Porsche AG Group is also exposed to significant risks in the area of battery cell and battery module production in connection with the supply of parts. Risk factors include in particular the increasing demand for battery cells and modules, the dynamic technology and regulatory environment and the service life of battery cells. In this context, it is particularly important for the Porsche AG Group that risks may arise with regard to the supply of parts as a result of unstable production processes at battery cell and battery module suppliers. Although these risks have decreased in comparison to the prior year due to progressing mitigation measures, there are still risks with regard to the start of production of vehicles being scaled-back, delayed or pastipared, which could lead to an impairment in connection with the use of vehicle platforms, for example. There is also a risk that technical and regulatory specifications for the battery cell and battery module will be met late or not at all. As a result, the Porsche AG Group is faced with scheduling, quality and cost risks. Within the Porsche AG Group, these risks are managed through early and systematic identification of weak points in the start of production of a vehicle and slow monitoring of the supplier relationship.
The supply of semiconductors continues to be subject to significant risks that could affect the supply situation. Potential risks for the Porsche AG Group could manifest themselves in the form of production interruptions and thus also lost sales. However, supply chain stability has developed positively as a result of the early conclusion of long-term contracts and progressing mitigation measures.
In addition, as in the past, additional cost demands from suppliers for various reasons may lead to cost risks in respect of investments and direct material costs. The reasons for this include, for example, increased raw materials prices and other cost increases in connection with manufacturing. Postponing the start of production of vehicles can also lead to additional cost claims from suppliers. Although these risks have decreased compared to the prior year, they do still exist. Closely monitoring these within the projects and taking countermeasures at an early stage, e.g. negotiations by procurement, have a positive impact on risk mitigation.
Opportunities could in principle arise should, contrary to current estimates, the supply situation and its repercussions develop more positively or things return to normal earlier than anticipated.

Furthermore, significant opportunities may arise from potential additional synergies with new vehicle architectures within the Porsche AG Group but also in association with the Volkswagen AG Group as well as from technological innovations. These synergy and innovation effects pertain to Development, Procurement and Production in particular. Furthermore, opportunities from product cost and process optimization program can contribute to the realization of earnings potential in this context.

GEOPLITICS

Provides risks related to geopolitical events may also increasingly arise from the trade conflict between China and the USA and tensions in Asia. The Porsche AG Group is faced with possible sales losses and a dependence on Asian suppliers or sub-suppliers in the affected regions. In addition, conflicting sanction laws may exacerbate the risk situation. Geopolitical developments in this context are monitored on an ongoing basis.
The conflicts in the Middle East may have a direct and indirect negative impact on the business activities of the Porsche AG Group. This can also include temporary disruptions to important sea routes, which can have an impact on supply chains, for example, The Porsche AG Group succeeded in reducing this risk in the fiscal year 2024 by increasingly securing its supply chains.
Due to the continuing tense geopolitical environment, the risks in this context for the Porsche AG Group are classified as "high", as in the prior year.
If, contrary to previous planning and forecast assumptions, the geopolitical tensions in the aforementioned regions weaken or dissipate, this could lead to the effects on the global economy including falling inflation rates, further decreasing interest rates, but also the sales situation is general and the challenges in the relevant markets - have a positive impact and possibly even result in opportunities on the sales and cost side for the Porsche AG Group.

MAGAZINE
TO OUR SHARKHOLDERS		Risks also arise from increasing emissions standards and a gradual tighening of environmental and sustainability requirements. These may include, for example, substance and material bans and restrictions, taxonomy requirements, recycling quotas or data governance laws, which may result in significant risks due to non-compliance with the requirements.
CORPORATE GOVERNANCE
COMPRENCE MANAGEMENT REFORT		Legal limits aimed at reducing fuel consumption and carbon emissions from passenger car fleets also pose challenges to the Porsche AG Group. Failure to meet the specified targets can lead to fines and reputational damage. There is also a rise of vehicles that exceed the set limits not being allowed to be registered in the affected markets.
FUWGAL HEALTH		Furthermore, government regulations for the protection of human rights are constantly increasing the demands placed on companies. This requires greater transparency in international supply chains and can even lead to bans on importing products that are suspected of being linked to human rights violations, either themselves or with regard to the parts they contain.
PUNTHER INFORMATION		Within the regulatory environment, this can lead to significantly higher costs in the Porsche AG Group for compliance for global requirements within the supply chain, procurement, product development, the production and sale of vehicles and their spare parts or to rising direct material costs. The necessary global legal monitoring is also becoming more complex and hechos the risk of non-compliance, fines and even possible loss of sales.
		Due to the increasing tensions in the regulatory environment, the risks for the Porsche AG Group increased compared to the prior year and are classified as "high".
		The Porsche AG Group meets the challenges of the increasing regulatory environment by continuously carrying out comprehensive regulatory monitoring, implementing projects and measures to monitor international and country-specific standards and regulations and constantly reviewing their progress.

In the latter areas, opportunities that could have a lasting positive impact on the Porsche AG Group is results of operations may arise if the planning and forecast assumptions made develop more positively than assumed.

INFORMATION TECHNOLOGY

In the Porsche AG Group, risks in connection with information technology also play a significant role in the area of business continuity management. The company's business processes are heavily dependent on information technology, which represents a significant risk factor. There is a risk of default especially in production due to unforeseen events such as a cyber attack. The Porsche AG Group also faces the risk of potentially being exposed to data encryption or data protection risks. Critical IT resources and applications are safeguarded via the business continuity management system.
Global geopolitical tensions and trade disputes have increased the risk of potential cyber attacks, resulting in turn in an increase in risks in connection with information technology which are classified as "medium".

TAXES

New requirements under tax law within Germany and abroad pose potential risks for the Porsche AG Group and require the constant adjustment of the relevant declaration processes. Risks of double taxation from the cross-border supply of intragroup goods and services are regularly reduced or eliminated using advanced pricing agreements or other bilateral procedures. Tax-risks from tax field audits and their impact on the consolidated financial statements are closely monitored on an ongoing basis. Provisions or liabilities were recognized for potential future payments of tax annars and for ancillary tax payments arising in this connection. These risks, which are assessed as "low" for the Porsche AG Group as in the prior year, are monitored and managed over the long term by systematically enhancing the Tax Compliance Management System (Tax CMS) that has been implemented.
Should the assessment of tax matters, for example due to a change in a court decision, be favorable to the taxpayer and therefore advantageous for the Porsche AG Group, this may also result in opportunities for the earnings of the Porsche AG Group in terms of the provisions already recognized.

LITIGATION

The Porsche AG Group is involved in a large number of legal disputes and official proceedings as part of its national and international operating activities, which may result in significant risks. Among others, these legal disputes and proceedings relate to or are connected with employees, authorities, services, dealers, investors, customers or other contractual partners. As a result, financial obligations such as fines or claims for damages may arise and cost-intensive measures may be necessary. In this context, a specific assessment of the objectively likely consequences is often possible only to a very limited extent, if at all.

Compliance with legal requirements is another area in which risks may arise. This is particularly true in gray areas where the Porsche AG Group and the relevant public authorities may interpret the law differently. Further risks may arise from interactions with authorities, claims for infringement of intellectual property rights or criminal acts by individuals.
As in the prior year, the above-mentioned risks for the Porsche AG Group are assessed as "low."
Further information can be found in the comments on litigation in the notes to the consolidated financial statements.

• Notes to the consolidated financial statements - 40. Litigation

Financial risks and opportunities
CORRENCIES
As an international group, the Porsche AG Group conducts transactions in different currencies, which can give rise to currency risks. Significant risks in the automotive segment arise in particular from operating transactions that are denominated in currencies other than the euro. Currency risks are partly hedged through the use of exchange rate hedging instruments for a period of up to five years. The main hedging instruments used are forward exchange transactions and currency options. The volume of exchange rate hedges is determined on the basis of the planned sales figures in the respective foreign currency, taking into account procurement volumes. The currency risks presented are classified as "low" for the Porsche AG Group.

COMMODITIES

There are also risks relating to raw materials in the automotive segment in respect of the development of prices, among other things. Possible risks from the development of prices of raw materials are analyzed on an ongoing basis in order to be able to act swiftly to any changes on the market. Commodity price risks for raw materials such as aluminum, copper, nickel, cobalt and lithium hydroxide are partially hedged through the use of hedging instruments for a period of several years. Averaging swaps are used as hedging instruments. The volume of hedges is determined on the basis of the planned commodity exposure in the respective procurement contracts. The Porsche AG Group considers the risks in connection with the price development of raw materials to be "low."

INTEREST RATES

Within the Porsche AG Group, interest rate risks in the automotive segment result from changes in market interest rates, primarily for medium- and long-term interest-texeing receivables, liabilities and provisions. Floating-rate items are included in cash flow hedges and same are hedged by means of interest rate swaps. These interest rate risks are classified as "low"

OTHER FINANCIAL RISKS

Other financial risks in the Porsche AG Group include risks in connection with the capital investment of surplus liquidity and investment risks. These risks are assessed as "low."
With regard to the capital investment of surplus liquidity, there is a significant risk of fluctuation and loss in the current fiscal year due to changes in the value of the share price of acquired special funds. These result from price fluctuations of the investments held in funds.
The investments held by the Porsche AG Group are regularly tested for impairment, with battery and connectivity investments being of particular importance. As a result, significant risks may arise from impairment losses. To manage investment risks, financial targets are anchored in the investment strategy and a portfolio approach is used to ensure risk diversification.

$\equiv Q \leftarrow \rightarrow \leftarrow$
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
CORPINED MANAGEMENT
REFORT
Fundamental information about the group
Business development
Results of operations, financial position and net assets
Porsche 4G HDB financial statements (underse	d version)
Report on risks and opportunities
Report on expected developments
NON-FINANCIAL STATEMENT (part of the Custodian Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION

Market development for the automotive segment

For the automotive industry, whose development is closely tied to global economic developments, the Porsche 4G Group expects competition to become even keener in 2025. The forecast for 2025 is based on the assumption that although development in the passenger car markets in the individual regions will be mixed, it will be positive for the most part. The overall global sales volume of new vehicles is expected to be slightly higher than in the reporting year. Estimates are based on the assumption that the availability of essential parts, in particular semiconductors and commodities, will not worsen as a result of the crisis and that energy supplies and the stable development of material and energy prices - at a high level will be ensured.

GERMANY

In the German passenger car market, the volume of new registrations in 2025 is expected to be up slightly on the level of the reporting year 2024

EUROPE WITHOUT GERMANY

For the Western European markets (excluding Germany), a moderately higher volume of new passenger car registrations is expected for 2025 on average compared to the reporting year. Sales of passenger cars are expected to significantly exceed the prior-year figures in markets in Central and Eastern Europe.

NORTH AMERICA EXC. MEXICO

For the region North America and Mexico, the volume of new passenger car registrations in 2025 is expected to be on a par with the reporting year figure.

CHINA INC. HONG KONG

For the passenger market in China (incl Hong Kong, the Porsche 4G Group anticipates that the new registrations will be at the level of the prior year.

Market development for the financial services segment

Automotive-related financial services are again expected to be of great importance for global automotive sales in the fiscal year 2025

FORECAST ASSUMPTIONS

The Porsche 4G Group bases its forecast for the fiscal year 2025 on the current framework conditions with global conflicts and tensions.

In its forecast, the Porsche 4G Group also expects market conditions to remain highly challenging and competition in China to remain intense. It is also expected that geopolitical uncertainties will continue to persist with the new US administration. In its current forecast for 2025, the Porsche 4G Group has not taken into account the current framework conditions and therefore no further import restrictions and tariffs.

The forecast for the fiscal year 2025, based on the assumption that the situation in the supply chains will be challenging and that additional costs in the supplier area are to be expected due to individual delivery delays, cancellations, fluctuations in production volumes and possible insolescences.

In addition to the external factors described above, the Porsche 4G Group also expects vehicle sales to be below the level of the reporting year due to the slower transition to electromobility and, as a result of the regulatory environment, the partially incomplete product range for individual model series and in individual regions in 2025.

Against the backstop of the charged and challenging market environment, extensive measures are planned to strengthen the company's earnings power in the short and medium term. These measures include the expansion of the product portfolio to include additional models with combustion engines or plug-in hybrids, the expansion of special and exclusive manufacturing and adjustments to the company organization. Expenditure, particularly on vehicle development and the battery activities of the group's own companies, will lead to significant additional costs. The total impact on the operating profit and the automotive net cash flow is expected to amount to up to approximately $£ 0.8 billion as a result of the above measures.

The forecast for 2025 also assumes that, as a result of the high level of investment in recent years, total amortization of intangible assets and depreciation of property, plant and equipment will continue to increase.

FORECAST OF THE MOST IMPORTANT KEY PERFORMANCE INDICATORS

For the fiscal year 2025, based on the aforementioned assumptions, the Porsche 4G Group expects a significantly lower return on sales of between 10\% and $12 \%$. This forecast is based on estimated sales revenue in a range of $€ 29$ billion to $€ 40$ billion.

Automotive net cash flow margin is also expected to be lower compared to the reporting year at between $7 \%$ and $9 \%$.

The Porsche 4G Group gives to achieve an automotive CBITDA margin of between $19 \%$ and $21 \%$, which is also lower than the reporting year.

In its sales revenue forecast for 2025, the company expects purely battery-powered electric vehicles (automotive BEV share) to account for between $20 \%$ and $22 \%$.

FUERALL STATEMENT ON ANTOOPATED DEVELOPMENT

In its planning for 2025, the Porsche 4G Group assumes slightly weaker global economic growth and a slight average increase in global demand for passenger cars compared to the reporting year. However, there are uncertainties in this regard, particularly due to the global geopolitical environment.

Difficult market conditions due to protectionist tendencies and intensified competition in the important markets of the USA and China, coupled with a continuing high level of costs, amortization and depreciation, will make the 2025 fiscal year a challenging one for the Porsche 4G Group, in which high one-off burdens are also expected as a result of additional planned measures. At the same time, the Porsche 4G Group expects these activities to strengthen its earnings power in the short and medium term. Furthermore, the Porsche 4G Group believes it is well positioned to exploit market potential with its existing product range - in line with demand in individual regions - and to further strengthen the Porsche brand worldwide.

FUERALL STATEMENT ON ANTOOPATED DEVELOPMENT

In its planning for 2025, the Porsche 4G Group assumes slightly
weaker global economic growth and a slight average increase in global demand for passenger cars compared to the reporting year. However, there are uncertainties in this regard, particularly due to the global geopolitical environment.

Difficult market conditions due to protectionist tendencies and intensified competition in the important markets of the USA and China, coupled with a continuing high level of costs, amortization and depreciation, will make the 2025 fiscal year a challenging one for the Porsche 4G Group, in which high one-off
burdens are also expected as a result of additional planned measures. At the same time, the Porsche 4G Group expects
these activities to strengthen its earnings power in the short and medium term. Furthermore, the Porsche 4G Group believes
it is well positioned to exploit market potential with its existing product range - in line with demand in individual regions - and
to further strengthen the Porsche brand worldwide.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \uparrow$
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
CONSINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
1 General disclosures	Where individual statements within the non-financial statement only apply to part of the consolidated group or individual group companies, this is indicated in the respective statements (e.g. "Porsche AG and selected group companies" or "Porsche Leipzig GmbH").
Environment
Social	The combined non-financial statement for the Porsche AG Group and Porsche AG was prepared in accordance with the legal requirements for a non-financial statement pursuant to section 269 b of the German Commercial Code (AG8). The German Act to implement the CSB Directive (CSB- 8032) allows reporting companies to use additional European frameworks. Porsche AG is the most important group company for the Porsche AG Group. Material disclosures for the Porsche AG Group are therefore to a large extent identical for Porsche AG. Information about the material non-financial performance indicators of Porsche AG is part of the combined non-financial statement.
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INTERNATION
	For the reporting year, the Porsche AG Group has voluntarily prepared the contents of this report on the basis of the European requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).

The Porsche AG Group has also based the contents of the report on the current version of the Global Reporting Initiative (GRI) Sustainability Reporting Standards from 2021, the recommendations of the Task Force on Climate-Related Financial Disclosures (TDFS) and the automotive sector standard of the Sustainability Accounting Standards Board (SASB) and has created additional indices for this purpose. The non-financial statement also contains the disclosure requirements of the «doT»sonomy (pursuant to Article 8 of Regulation [EU] 2020/952).

As with the financial reporting, the reporting period for all qualitative statements and quantitative metrics is January 1, 2024 to December 31, 2024. The Porsche AG Group applies the short-, medium- and long-term time horizon defined in ESRS 1 (General requirements) for its reporting. Any one-off deviations from this are presented transparently and explained in the relevant disclosures.

If individual metrics are subject to measurement uncertainties or are based on indirect sources or estimates, this is transparently disclosed in the respective information. This is also the case for data on the upstream and/or downstream value chain that has been estimated in individual cases using indirect sources such as sector average data or other approximate values. Due to the significant increase in the scope of the non-financial metrics, prior-year figures have not been provided in all cases.

For the non-financial statement, the assessment of impacts, risks and opportunities has considered both the Porsche AG Group's own business activities and the upstream and downstream value chain. The extent to which the individual policies, actions, targets and metrics also relate to the value chain or individual components of the value chain is explained in detail in the following chapters.

The option to omit certain narrative information on intellectual property, know-how, or innovation results has been used. No use has been made of the option to omit qualitative information on upcoming developments or matters still under negotiation. The list of disclosure requirements contained in ESRS 2 860-2 and the list of data points with reference to other EU legislation can be found in the «www of the non-financial statement. This also applies to the overview of the core elements of due diligence prepared in accordance with ESRS 2 001-4 and the topics omitted in this reporting year.

Information that refers to other parts of the Porsche AG Group's combined management report is indicated at the relevant points in the report.

List of disclosure requirements that (partially) refer to disclosures outside the non-financial statement.

Disclosure requirement
SBM-1 Fundamental information about the group
SBM-1 Strategic direction of the Porsche AG Group
SBM-1 Results of operations
SBM-1 Macroeconomic and sector-specific environment
IRS-1 Report on risks and opportunities
IRS-1 General principles of risk and opportunity management

STRATEGY, BUSINESS MODEL AND VALUE CHAIN

Business model of the Porsche AG Group
The Porsche AG Group is a leading manufacturer of luxury sports cars and develops, produces and sells vehicles, engines and other components and parts. Financial services are another business purpose, in particular finance and mobility services for customers and dealers.

Porsche AG is the parent company of the Porsche AG Group The Porsche AG Group is part of the Volkswagen Group, one of the leading multi-brand groups in the automotive industry.

The business purpose and organizational structure of the Porsche AG Group are described in the «fundamental information about the group section of the management report.

Products and markets

In the reporting year, $27 \%$ of new vehicles delivered to customers were electrified-whether they were all-electric models (BEVs) or plug-in hybrids (PHEVs). The Porsche AG Group's vehicle product portfolios aim to significantly increase this proportion. The camp-up of electrification depends largely on customer demand, the development of electromodality in the different regions of the world and regulatory incentive schemes. For the transition phase, the Porsche AG Group is positioning itself as flexible as possible with a mix of combustion-engined, plug-in hybrid and all-electric vehicles.

Synergies are created thanks to the use of platforms and modules within the Volkswagen Group, particularly in the development of and procurement for new BEV models. The Porsche AG Group is also investing in the production of synthetic fuels, referred to collectively as e-fuels, in order to reduce $\mathrm{CO}_{2}$ in its vehicle fleet.

With its products, the Porsche AG Group is present in all relevant automotive markets around the world. Most details about current developments in the relevant automotive markets can be found in the management report in
«Macroeconomic and sector-specific environment
Further information and a breakdown of total sales revenue can be found in «Results of operations in the management report.

Some products of the Porsche AG Group, such as Porsche vehicles, are subject to legal requirements with local restrictions or prohibitions in various markets. There are comprehensive trade restrictions, e.g. due to international sanctions for the Russian market (including Belarus), prohibiting the sale of the Porsche AG Group's vehicles and services there.

Employees

As of the reporting date, the Porsche AG Group had 42,615 employees, an increase of 1,1\% compared to the prioryear reporting date.

Other metrics on the Porsche AG Group's employees can be found in « 61 Own workforce.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$	Value chain To safeguard its business activities, the Porsche AG Group has an extensive and complex value chain that includes more than 2,000 direct suppliers of production materials and more than 5,300 direct suppliers of non - production materials.
MAGAZINE	The upstream value chain includes the extraction of raw materials and the production of vehicle components and parts. The Porsche AG Group maintains close relationships with a variety of direct suppliers who play a key role in providing raw materials and intermediates. The Porsche AG Group works closely with the Volkswagen Group and direct suppliers of raw materials such as steel and aluminum.
COMPONED MANAGEMENT REPORT	The Porsche AG Group also purchases parts and components for its vehicles. However, for essential components such as engines, gearboxes and chassis, Porsche AD and selected group companies operate their own production facilities. By controlling these key production steps, the Porsche AG Group aims to meet high quality standards while being able to directly implement innovative technologies and processes.
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	The comonent is overyelvids production takes place in the plants of Porsche AG and Porsche Leipzig GmbH, which are geared toward efficiency and quality. Efficient logistics processes are designed to enable seamless integration of all steps, from production to delivery of the vehicles, while at the same time helping reduce emissions and costs. Vehicles are distributed via a global network of dealers who deliver the vehicles to customers as promptly and reliably as possible.
General disclosures
Environment	Vehicle value chain of the Porsche AG Group
Social and
Governance
Annex
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION

The core business activity of the Porsche AG Group is the central activities of vehicle development, production and distribution as well as the provision of services.
The most important stakeholder in this context is the customer. Other key stakeholders here are the employees and the works
council of the Porsche AG Group, society and investors. In terms of sales, servicing and maintenance of the vehicles, there is also close cooperation with the dealer network and service partners.
When developing vehicles, the Porsche AG Group invests in advanced technologies and innovative design to produce state-of-the-art vehicles while taking sustainability matters into account.

The company's own vehicle production takes place in the plants of Porsche AG and Porsche Leipzig GmbH, which are geared toward efficiency and quality. Efficient logistics processes are designed to enable seamless integration of all steps, from production to delivery of the vehicles, while at the same time helping reduce emissions and costs. Vehicles are distributed via a global network of dealers who deliver the vehicles to customers as promptly and reliably as possible.

The downstream value chain includes the vehicle use phase, maintenance and repair as well as end-of-life management. The key stakeholders here are Porsche customers and sales and service partners.

The use phase of the vehicles and the associated services are the focal point of the downstream value chain. The dealers and service partners of the Porsche AG Group offer comprehensive servicing and repair services. Trade with genuine parts and mobility services aim to ensure that customers have access to high-quality spare parts and flexible mobility solutions at all times.

The Porsche AG Group is driving forward the expansion of the charging infrastructure for battery electric vehicles as an essential prerequisite for electronicability. In addition to charging stations at deserving locations, the Porsche AG Group had four foot-charging stations along main traffic routes in the reporting year. Another four are already under construction in Germany and Switzerland. In addition to this, the Porsche AG Group is involved in the further expansion of the public fast-charging infrastructure. See also: « 81 Climate change.
End-of-life management is an integral part of a more sustainable value chain with a focus on product and battery recycling. The Porsche AG Group is therefore actively developing and implementing processes to recycle batteries in the most environmentally friendly way and recover valuable raw materials. These actions aim to contribute to waste reduction and resource conservation, significantly reducing the environmental footprint.

The Porsche AG Group already takes the reyzialability and separability of materials into account when developing new vehicles. Where technically and economically feasible, the reduction of the proportion of virgin resources and the use of more environmentally sustainable materials is considered. The focus here is on newly developed battery electric vehicle projects. Further information can be found in
« 85 Resource use and private economy.
Governance, compliance and integrity are cross-value chain topics of central importance for the Porsche AG Group and the long-term success of the company. The Porsche AG Group has introduced a comprehensive compliance management system and an integrity management that includes policies and training sessions to prevent systemic breeches of the law, internal regulations and ethical standards by employees at all hierarchical levels. More details are provided in
« 81 Business conduct.
By continuously investing in vehicle research and development, the Porsche AG Group is driving technological advancements with the goal of developing innovative solutions for the requirements of the future. This innovative strength extends across all areas of the value chain-in the development of new materials and production processes, through advanced manufacturing technologies and software integration in the core business, to downstream innovative mobility solutions and recycling technologies. The continuous pursuit of innovation is intended to boost competitiveness, contribute to increasing efficiency, sustainability and customer satisfaction.

Corporate strategy and sustainability strategy

In the reporting year, the Porsche AG Group whispered its strategy and realigned it to the changed and challenging market environment. The revised Porsche Strategy 2000 Plus focuses more on the key success factors of the company to lead the Porsche AG Group into a successful future and leverage the opportunities of transformation.
"Sustainability" Forms one of four cross-functional strategies, along with "Customers," "Products," and "Transformation," which are addressed across all departments. The Strategy 2000 Plus is described in detail in the «Strategic theories of the Porsche AG Group section of the management report.

THE "SUSTAINABILITY" CROSS-FUNCTIONAL STRATEGY
Mobility, and therefore the automotive industry, plays a key role in the transformation of business toward sustainability and the related fight against climate change. The Porsche AG Group is committed to actively shaping the future of mobility while taking the environment and society into account. This includes the development of vehicles and other products and services in line with sustainability criteria and the company's self-image as a progressive, socially committed employer and reliable business partner. Beside the company's own vehicle production, the upstream and downstream value chain are considered as well.

The Porsche AG Group takes a strategic and structured approach to sustainability: The areas « Environment (E), " Social (S) and " Resonance (R) - 850 - describe the basic principles of sustainable and partnership-based business practices. By embedding these criteria in its strategy, the Porsche AG Group aims to actively take responsibility and make sustainable management an integral part of its business decisions and products.

Key challenges for the Porsche AG Group are summarized in six strategy fields within the "Sustainability" cross-functional strategy of the Strategy 2030 Plus. These fields are allocated to the $150 areas and assigned targets, metrics and actions.

MAGAZINE

TO OUR SHARKHOLDERS

CORPORATE GOVERNANCE

COMPET

NON-FIRANCIAL STATEMENT

(part of the Continent Management Report)

General disclosures
Environment
Social
Governance
Armes
CONSOLIDATED FINANCIAL
STATEMENTS

FURTHER INTERNATION

NON-FIRANCIAL STATISMEN

PARTNER INTERNATION

Key challenges for the Porsche AG Group are summarized in six strategy fields within the "Sustainability" cross-functional strategy of the Strategy 2030 Plus. These fields are allocated to the $150 areas and assigned targets, metrics and actions.

Decadentization

Circular economy

Diversity

Partner to society

Supply chain responsibility
Governance and transparency

Decadentization

The Porsche AG Group wants to actively shape the future of mobility by developing innovative products and groundbreaking drive concepts with significantly lower $\mathrm{CO}_{2}$ emissions. In the reporting year, 27\% of new vehicles delivered to customers were electrified - whether they were all-electric models or plug-in hybrids. The Porsche AG Group's vehicle product portfolks aim to significantly increase this proportion. The ramp-up of electrification depends largely on customer demand, the development of electromobility in the different regions of the world and regulatory incentive schemes. For the transition phase, the Porsche AG Group is positioning itself as flexibly as possible with a mix of combustion-engined, plug-in hybrid and all-electric vehicles.

In the "Decadentization" strategy field, the Porsche AG Group aims to make an active contribution to limiting the rise in the global average temperature to a maximum of $2^{\circ} \mathrm{C}$ compared to pre-industrial levels and, pursue efforts to limit the increase to $10 \%$.

Realizing the Porsche AG Group's ambition depends upon various factors, e.g. technological progress that has not yet been fully developed, and on regulatory or economic developments that are outside the Porsche AG Group's direct control and may therefore not be realizable.

The Porsche AG Group closely monitors the individual global markets and, depending on their development, continuously reviews its product strategy and product range structure for vehicles, including the drive types offered. It intends to pursue the target of a $1.5-$ degree-reduction pathway as long as possible.

This includes the emissions generated during vehicle production and those generated in the upstream supply chain and in the downstream use phase until disposal. To monitor and manage these efforts, the Porsche AG Group, in cooperation with the Volkswagen Group, uses the decadentization index (DOI). The DOI aims to map the amount of greenhouse gas emissions along the value chain in metric tons of $\mathrm{CO}_{2}$ equivalents per vehicle.

Detailed information about decadentization can be found in

$\rightarrow 15$ Chronic change

Circular economy

The Porsche AG Group strives for a responsible and resource- conserving use of raw materials as well as a long-lasting use of the vehicles and the materials used in them. The "Circular economy" strategy field aims to implement and continuously improve circular concepts along the vehicle-value chain. The Porsche AG Group endeavors to use more sustainable materials and, where technically and economically feasible, reduce the percentage of virgin resources and establish closed-raw material cycles. This includes projects such as circular concepts for high-voltage batteries, the use of circular materials, waste avoidance and the remanufacturing of vehicle components. The focus here is on newly developed battery electric vehicle projects.

Detailed information about the circular economy can be found
in $\rightarrow 15$ Resource use and circular economy.

Diversity

The Porsche AG Group promotes a diverse, inclusive and nondiscontinuatory corporate culture. The "Diversity" strategy field within the sustainability strategy primarily focuses on diversity and equal opportunities. The aim is to promote diversity in the workforce and support a culture of openness and collaboration. One particular concern is increasing the proportion of women at all levels of the workforce. As a company traditionally dominated by engineers and technical specialists, the Porsche AG Group wants to fulfill its task of strengthening equal opportunities for all employees.

To achieve these goals, the Porsche AG Group further intensified cooperation in mixed teams in the reporting year to make the best use of the different views and skills. The aim is to improve the working atmosphere and help all employees realize their full potential.

Detailed information about diversity can be found in

$\rightarrow 15$ Own workforce

Partner to society

The Porsche AG Group is committed to being a responsible member and partner of society. With this comes the responsibility to act positively and to create added value for people and the environment. As part of the "Partner to society" strategy field, the Porsche AG Group aims to assist regions around the world in preserving the environment, guaranteeing good working and living conditions and strengthening social cohesion. It supports corporate citizenship projects primarily intended to benefit young and disadvantaged people. A company fund established specifically for this purpose provides financial support for programs such as the "Join the Porsche Ride."

Detailed information about being a partner to society can be found in $\rightarrow 15$ Affected communities.

Supply chain responsibility

The Porsche AG Group's responsibility does not end at the factory gates, which is why it has placed a strategic focus on the sustainability-oriented management of its direct supplier relationships. It is also looking to gradually increase transparency in the deeper value-added stages of the supply chain. This is still one of the greatest challenges and, at the same time, a prerequisite for managing sustainability risks, especially in raw material extraction. The Porsche AG Group also engages in partnership projects to improve living and working conditions in selected commodity-exporting countries.

Detailed information about supply chain responsibility can be found in $\rightarrow 10$ Business conduct 2011 $\rightarrow 12$ Workers in the value chain 2012 as a cross-cutting topic in the other chapters of the non-financial statement.

Governance and transparency

Transparent and responsible corporate governance creates trust and is an important basis for sustainability and the entrepreneurial activities of the Porsche AG Group. In the "Governance and transparency" strategy field, the Porsche AG Group is therefore working continuously to increase transparency and responsible corporate governance. The aim is to have data that can be used to measure and manage specific ESO performance. In the reporting year, Porsche AG enhanced its ESO management system and, among other things, carried out quantitative data collection via a central control and monitoring system for ESO data. Extremely, the Porsche AG Group pursues a transparent approach and discloses as many valid ESO disclosures and metrics as possible The Porsche AG Group also values consultations and open dialog with its stakeholders on an equal footing and considers the exchange of information to be an important tool and source of inspiration for the continuous improvement of sustainability management.

Additional information about governance and managing transparent communication with material stakeholders can be found in $\rightarrow$ Substitution engagement.

$\equiv Q \leftarrow \rightarrow \leftarrow$	Double materiality assessment process 2024 of the Porsche AG Group
MAGAZINE
TO OUR SHARKHOLDERS	Step 1 Definition of the scope of application and inclusion of stakeholder interests
CORPORATE GOVERNANCE
CONEHNED MANAGEMENT REPORT	Step 5 Derivation of reporting topics
NON-FINANCIAL STATEMENT (part of the Continual Management Report)	Step 6 Validation and harmonization of results
General disclosures
Environment
Società
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION	Step 3 Identification of potential topics and their impacts, risks and opportunities

DOUBLE MATERIALITY ASSESSMENT

The materiality assessment entailed an evaluation of the significant impacts, risks and opportunities (IROs) for the Porsche AG Group in the ESRS topic areas and other entityspecific topics relevant to sustainability for the reporting year 2024.

Procedure, assumptions and input parameters

The assessment was carried out in accordance with the CSRD and the ESRS in a multi-stage process. Building on the materiality assessment and methodology from the reporting year 2025, the procedure was harmonized with the Volkswagen Group in the reporting year 2024 and further developed to match the new regulatory requirements.

The basis for this is the principle of double materiality, according to which a topic is considered material as soon as the business activities of the Porsche AG Group significantly impact the environment and people or sustainability-related risks and opportunities significantly influence the financial results of the Porsche AG Group. There may also be potential impacts, risks and opportunities that can justify the materiality of an issue too.

The materiality assessment considered the impacts, risks and opportunities in the context of the Porsche AG Group's own business activities as well as those within the upstream and downstream value chain.

The topics were classified using a standardized, quantified rating scale and qualitative consultations with the responsible departments, selected stakeholders and the Volkswagen Group. The Sustainability department was operationally responsible for identification and evaluation.

Where possible, existing analyses and classifications were used for the assessment, such as the $\rightarrow$ (Shade risk and womede analysis.
analyses from the decarbonization program, findings from the environmental management system, analyses of the water stress indices of the sites and the risk analysis of the German Supply Chain Due DÄrgence Act (LuSG).

The aim was to work with conservative assumptions in the case of uncertainties regarding impacts, particularly in the case of effects via business relationships and in the wider value chain.

An annual review of the results of the materiality assessment is planned for the future.

Process steps

The process within the Porsche AG Group is divided into six steps:

• Definition of the scope of application and inclusion of stakeholder interests
• Identification of potential topics and their impacts, risks and opportunities
• Assessment of impacts, risks and opportunities
• Consolidation of results and determination of thresholds
• Validation and harmonization of results
• Derivation of reporting topics

DEFINITION OF THE SCOPE OF APPLICATION

AND INCLUSION OF STANDHOLDERS
The Porsche AG Group first carried out a context analysis to specify the scope of application and the relevant stakeholder groups in terms of the ESRS requirements.

The materiality assessment considered the Porsche AG Group- corresponding to the non-financial consolidated group-and its activities along the value chain. The period under review for the materiality assessment corresponded to the reporting year, so matters occurring throughout the entire year have been taken into account.

The Porsche AG Group indirectly incorporated the concerns and views of its relevant stakeholder groups into the materiality assessment, e.g. by using analyses, E9D ratings and consulting with individual stakeholders from the departments.

MAGAZINE

TO OUR DIAMEHOLDERS

CORPORATE GOVERNANCE

CORPORATE MANAGEMENT

REPORT

NON-FINANCIAL STATEMENT

(part of the Continent Management Report)

General disclosures
Environment
Social
Governance
Armen

CONSOLIDATED FINANCIAL

STATEMENTS

FURTHER INTERNATION

The resulting 38 sub-topics were used as the basis for collecting possible material negative impacts, risks and opportunities. The results of the materiality assessment from the previous reporting year were also incorporated. The potential impacts, risks and opportunities were identified in workshops with subject matter experts from the departments concerned. These were categorized as short-term (less than one year), medium-term (one to five years) and long-term (more than five years) depending on their impact periods. The granular impacts, risks and opportunities collected in this way were aggregated into clusters.

AGESOMENT OF IMPACTS, NOA S AND OPPORTUMITIES

In order to harmonize the materiality assessment methodology within the Volkswagen Group, the methodology was adjusted in the reporting year, including changes to the rating scales and the inclusion of the reputation effect in the assessment of risks and opportunities. The procedure was last adjusted for the reporting year 2023. Since then, the principle of double materiality as defined by the ESRO has been applied.

The materialsity assessment of the impacts, risks and opportunities of a sub-topics was carried out by the respective subject matter experts at the level of the identified clusters, taking into account the updated assessment methodology.

Whether impacts are classified as material depends on their severity, which is determined pursuant to the ESRO as a calculation of the factors extent, scope and irreversibility [in the case of negative effects].
The impacts have been assessed separately according to "actual impacts" and "potential impacts." Potential impacts are also evaluated in terms of the likelihood of occurrence.

The overall assessment of the impact is therefore based on their severity (for actual impacts) or the multiplication of the severity by the probability of occurrence. This value makes the risks and opportunities comparable. The potential financial impact is calculated from the weighted criteria "financial potential" and "reputation effect," which was initially assessed by the Sustainability department and the Politics and Society department.

CONSOLIDATION OF RESULTS AND
DESTINMINATION OF THRESHOLDS
In accordance with the requirements of the ESRO, a materiality threshold is defined for both impacts and financial materiality after the assessment phase.

On a five-point scale from "informative" to "critical," a topic is material for the Porsche AG Group if it exceeds the threshold of the second-highest category "significant." A sub-topic is material if either an impact, a risk or an opportunity exceeds the materiality threshold.

The risk assessment in the materiality assessment was carried out according to the methodology described at IRD cluster level, i.e. by aggregating several individual risks or opportunities. According to the defined methodology of the risk management system, there are already individual material risks with a net financial potential of $\geq 8100$ million in the worst-case scenario. General practice of risk and opportunity management

The primary component of the ESRO, a value was calculated for each sustainability-related risk and opportunity by multiplying the anticipated financial effects by the probability of occurrence. This value makes the risks and opportunities comparable. The potential financial impact is calculated from the weighted criteria "financial potential" and "reputation effect," which was initially assessed by the Sustainability department and the Politics and Society department.

CONSOLIDATION OF RESULTS AND
DESTINMINATION OF THRESHOLDS
In accordance with the requirements of the ESRO, a materiality threshold is defined for both impacts and financial materiality after the assessment phase.

On a five-point scale from "informative" to "critical," a topic is material for the Porsche AG Group if it exceeds the threshold of the second-highest category "significant." A sub-topic is material if either an impact, a risk or an opportunity exceeds the materiality threshold.

The risk assessment in the materiality assessment was carried out according to the methodology described at IRD cluster level, i.e. by aggregating several individual risks or opportunities. According to the defined methodology of the risk management system, there are already individual material risks with a net financial potential of $\geq 8100$ million in the worst-case scenario. General practice of risk and opportunity management

The results of the materiality assessment were also included in the results of the design and the appropriate assessment process. The results of the materiality assessment were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis. The results of the analysis were also included in the results of the analysis.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \uparrow$	Topic-specific features when identifying and assessing impacts, risks and opportunities
MAGAZINE	CLINATE CHANGE (ESRS E1)
TO OUR DIAGREHOLDERS	As part of the assessment of the material topics, the Porsche AG Group reviewed its business activities for actual and potential impacts, risks and opportunities with regard to climate change adaptation, climate change mitigation and energy. To assess its impact on climate change, the Porsche AG Group therefore records its greenhouse gas emissions along the value chain. The Porsche AG Group uses the desaturization index (DEI) as a central management element. Based on the (SHI) Protocol, the DEI models significant emissions along the vehicle value chain as comprehensively as possible in greenhouse gas equivalents (CE { H } ), such as $\mathrm{CE}{\mathrm{L}}, \mathrm{CH}{4}, \mathrm{N}{2} \mathrm{O}$, $\mathrm{HYD}{4}$, PFO { 4 } and $\mathrm{SF}_{4}$. More information about this can be found in +E1 Climate change.
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Combined Management Report)	In the reporting year, the Porsche AG Group carried out a <50 -min rate and revenue analysis that considered several scenarios. This analysis is described in detail in +E1 Climate change.
General disclosures	POLLUTION (ESRS E2)
Environment	As part of the assessment of the material topics, the Porsche AG Group reviewed its business activities and sites for actual and potential impacts, risks and opportunities with regard to the pollution of air, water and soil, pollution of living organisms and food resources and substances of (very high) concern. Knowledge about pollution already gained from the environmental management system was included in the assessment with full participation of the responsible department. This served as the basis for the assessment of impacts, risks and opportunities.

Overall, the automotive sector is already heavily regulated for various aspects of pollution. One example of this can be seen in the publicly accessible Global Automotive Declarable Substance List (GADSL). Approval and monitoring processes are implemented with the aim of ensuring compliance with the current legislation and internal regulations applicable to the business operation. In this context, the Porsche AG Group's analyses and evaluations already also explore the use of alternative substances.

During the assessment, these aspects were jointly assessed by experts from the fields of "environmental and energy management," "material conformity" and "occupational health and safety." More details are provided in
+E2 Pollution.
WATER (ESRS E3)
As part of the assessment of the material topics, the Porsche AG Group reviewed its business activities and assets for actual and potential impacts, risks and opportunities with regard to water resources. To comprehensively present this, the assessment framework was applied to both the company's own activities as well as the upstream and downstream value chain, taking into account the geographical circumstances.

Porsche AG and selected group companies analyze and evaluate their sites using water stress indices. According to these indices, none of the vehicle production sites are situated in an area facing high or extremely high water stress. During the assessment, these aspects were assessed by the environmental management experts to incorporate expertise on the impacts, risks and opportunities related to water resources along the value chain. Additional information can be found in +E3 Water.

MOZIVERSITY AND ECOSYSTEM (ESRS E4)

As part of the assessment of the material topics, the Porsche AG Group reviewed its business activities for actual and potential impacts, risks and opportunities with regard to direct impact drivers of biodiversity loss, impacts on the state of species, impacts on the extent and condition of ecosystems and impacts and dependencies on ecosystem services.

Porsche AG and selected group companies focused predominantly on their own sites and their immediate surroundings.

In order to verify compliance with the requirements on biodiversity and ecosystems, the relevant biodiversity-sensitive areas were identified. Where these areas are located close to a production site, it was checked whether a nature conservation assessment had been performed and whether nature conservation actions had been defined in the environmental approvals and subsequently implemented. Whether a site's conservation status had changed was also checked. Further information can be found in +E5 Biodiversity and ecosystems.

During the assessment, these aspects were jointly assessed by experts from the Environmental and Energy Management and Procurement Strategy, Organizational Development, Sustainability and Business Development departments Dependencies on biodiversity and consultations with affected communities as well as opportunities, transition risks, physical risks and systemic risks were not included in the assessment at this point.

RESOLVEDITY AND CONSULTING (ESRS E5)

As part of the assessment of the material topics, the Porsche AG Group reviewed its business activities and assets for actual and potential impacts, risks and opportunities with regard to resource inflow, resource outflows and waste.

During the assessment, these aspects were jointly assessed by experts from the Circular economy working group and from the Environmental and Energy Management, Material Conformity and Occupational Health and Safety departments.

[^0]As part of the identification and assessment of the material topics, the Porsche AG Group reviewed its business activities and sites for actual and potential impacts, risks and opportunities with regard to managing relationships with direct suppliers, including payment practices. This took into account knowledge already gained from the purchasing processes and regulations regarding supplier selection, supplier development, supplier management and payment behavior by involving the relevant departments.

Additional factors were taken into account in the context of political influence, including geographical regions and specific characteristics, affected stakeholder groups and the type of political lobbying.

The Porsche AG Group has implemented controls and procedures to ensure that political lobbying is carried out in accordance with corporate values and standards. Political lobbying follows the principles of integrity, compliance, openness and traceability and takes place within the framework of binding group-wide policies. Competition and antitrust legislation, as well as other legal provisions, are also taken into account. See also: +Political engagement and tailoring activities.

Material topics and resilience

Of the ten topics considered in the double materiality assessment, nine were identified as material. Material impacts were allocated to the sub- topics of the ESRS. The impacts related to corporate citizenship are considered to be an entityspecific topic and assigned to +E3 Afforced seneworkles. "Affected communities" is the only one of the ten topics considered that was not identified as material but is still reported because it is entity-specific. The description of the material impacts can be found at the beginning of each of the following chapters.

[^0]: A total and
sustainability began
198

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$	Resilience in terms of environmental aspects The Porsche AG Group is able to manage its significant impacts related to climate change. In particular, a large number of strategic initiatives within the BEV transformation strategy will increase resilience to the impacts of climate change in the short-, medium- and long-term.
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continental Management Report)	In addition, the Porsche AG Group addresses the material negative impacts related to pollution, the consumption, withdrawal and discharge of water resources as well as biodiversity and ecosystems. The two production sites in Leipzig and Stuttgart -Culberhausen are primarily responsible for the environmental impact of their own operations and have their own local targets. Environmental requirements for the supply chain are addressed through a cascading clause in the "Sub-Of Control to Business' Review and Specifications. The Porsche AG Group complies with legal environmental requirements and addresses industry-specific challenges.
General disclosures	The Porsche AG Group is also able to manage its material impacts related to the circular economy in the short-, mediumand long-term. The topic of a circular economy is given consideration as a strategic field of action in the strategic and planning process. Furthermore, operational policies, actions and targets promote resilience.
Social Governance	To fully cover the positive and negative impacts on the circular economy, the Porsche AG Group is a site capable of managing its positive and negative impacts on workers in the value chain. A key tool for this is the "Sustainability rating (S rating). ESS criteria for suppliers are also included in the Code of Conduct for Business Partners and in specifications for specific materials. Resilience is given over medium- and long-term time fractions. Short-term changes or disruptions in the supply structure pose a challenge.
Governance	The Porsche AG Group is able to address its material positive impact on affected communities in particular through corporate citizenship initiatives via the "Partner to society" strategy field within the "Sustainability" cross-functional strategy. Additionally, it can address material impacts on consumers and end-users in the short-, medium-, and long-term.
Annex	Resilience in terms of business conduct
CONSOLIDATED FINANCIAL STATEMENTS	The Porsche AG Group is able to address its material impacts in the area of business conduct over and beyond all time horizons. These are managed, in particular, through a variety of policies and extensive operational actions.
FURTHER INTERNATION	The group policies listed in this report are addressed to the companies of the Porsche AG Group, which must implement them through a corresponding company policy. The Group Works Council represents the interests of workforce during the policy preparation process. Policies are regularly reviewed using standardized procedures as part of the policy management review and approval process. The Executive Board of Porsche AG adopts the group policies, which are binding to Porsche AG and must be compiled with by employees. The relevant group policies and documents are made available to employees of Porsche AG on the intranet.
	STAKENOLDER ENGAGEMENT
	The business activities of the Porsche AG Group touch the lives and interests of many stakeholders around the world. The Porsche AG Group consults and communicates with various stakeholder groups regularly to take their views into account in decision making. Consultation and engagement are continuous and regular because an open, transparent exchange of information and arguments paves the way for mutual understanding and acceptance.

The Porsche AG Group understands stakeholder engagement to mean systematically and continuously engaging with stakeholder groups in society, actively listening to them and taking their views into account when developing strategies. A stakeholder is any individual or group with an interest in a decision or activity of the Porsche AG Group because they have a direct or indirect influence over its actions or are themselves affected by them.

Porsche AG Group-stakeholders
Residents and communities
Customers and business partners
Investors and analysts
Media
Employees
Policymakers and associations
NGOs/nonprofit organizations
Scientific community and experts
Competitors
The Porsche AG Group performs regular internal analyses to identify its most important stakeholder groups. The Porsche AG Group considers the following to be its key stakeholders: local residents and communities, customers and business partners, investors and analysts, the media, employees, policymakers and associations, nongovernmental and charitable organizations, the scientific community and experts and competitors.

Stakeholder management
The Porsche AG Group operates a holistic stakeholder management system based on the balanced scorecard approach. This allows for the expectations of the individual stakeholder groups to be systematically recorded and important social trends to be derived from them.

The Porsche AG Group considers the interests and points of view of various stakeholders continuously and factors them into its strategic plans and business decisions, and sustainability is no exception. In turn, the stakeholders can learn more about the current and future activities of the Porsche AG Group as well as the requirements and general conditions. By changing perspectives in this way, the Porsche AG Group aims to understand other positions, overcome challenges through cooperation and build long-term partnerships.

By clearly involving its stakeholders, the Porsche AG Group can identify and evaluate changes in market conditions and customer behavior as well as market potential at an early stage and react strategically to reduce risks and take advantage of opportunities. The perspectives of the relevant stakeholders play a key role in the decision-making process at all levels of the company and the strategy, both in assessing the status quo and in the future direction of new initiatives. The business model is an essential part of the strategy, which either builds on or defines the business model.

The Porsche AG Group's focus on significantly increasing the proportion of electrified vehicles takes into account the requirements and expectations of stakeholders for modern and sustainable mobility solutions, for example, as part of annual review processes. At the same time, the fundamental business model-the sale of vehicles in the luxury segment-the core competence of the Porsche AG Group, remains unchanged.

Group's participation in the automotive industry dialog on the German Federal Government's National Action Plan (NAP) for Business and Human Rights and other cross-industry initiatives. Minimum standards for how direct suppliers treat their workforces are set out in the «Code of Conduct for Business
Pursues and reviewed as part of the sustainability rating (5 rating). See also: « 82 Workforce the value chain.

The views of consumers and end-users on numerous topics are actively solicited by the Porsche AG Group on a regular basis, for example, through customer surveys covering aspects such
on purchasing, product quality, user experience with display and controls. Porsche Correct services, charging of electric and
hybrid vehicles and service, Further information about this can be found in « 64 Consumers and end-users.

Affected communities can be assigned to the "Society" stakeholder group, where they are integrated via various stakeholder dialog formats. «Stakeholder dialog
« 83 Affected communities

GOVERNANCE

Administrative, management and supervisory bodies

EXECUTIVE SOUND

In accordance with Article 8 of the Articles of Association, Porsche AG's Executive Board is composed of at least two people. The Executive Board, which had eight members as of December 31, 2024, has sole responsibility for managing the company in the company's best interests. In addition to Management, the other Board portfolios are: Procurement, Car-IT, Research and Development, Finance and IT, Human Resources and Social Affairs, Production and Logistics as well as Sales and Marketing.

The Supervisory Board considers various aspects, including diversity, in the composition of the Executive Board. The Executive Board should also have a sufficient mix of ages. Efforts are made to achieve a higher proportion of women than the statutory minimum. The law requires that the Executive
Board have at least one woman and one man as members. The current share of women on the Executive Board is 12.5\%.

Additionally, the Supervisory Board places particular emphasis on the professional profiles and professional and general experience of the Executive Board members, including international experience. More information about the skills of the members of the Executive Board can be found in
« 81 Business conduct.
The aforementioned requirements for the composition of the Executive Board aim to ensure that it has sufficient experience that is relevant to the segments, products and geographical locations of the Porsche AG Group.

The Executive Board of the Porsche AG Group despires its sustainability-related expertise in regular meetings with the external members of the «Porsche-Sustainability Board. The Sustainability Council also discusses external stakeholder requirements, e.g. potential legislation and new regulations, with the entire Executive Board and reflects on corresponding implementation options for Porsche AG.

The members of the Executive Board are sufficiently aware about matters relating to anti-corruption and bribery due to their role and the Porsche-specific "Code of Conduct for the Management Board," which contains specific guidelines on how to deal with invitations and gifts. In addition, the members of the Executive Board must regularly complete e-learning modules, e.g. on topics relating to corruption, bribery, fraud prevention and human rights. The Executive Board also has access to a learning program offered by Porsche AG on various ESG topics (e.g. sustainability matters) in the supply chain, diversity, environmental compliance). At its meeting, the Executive Board is comprehensively informed about any changes to internal compliance guidelines.

SUPERVISORY SOUND

The Supervisory Board of Porsche AG consists of 20 members, ten of whom are shareholder representatives elected by the Annual General Meeting. The other half are employee representatives elected by the employees in accordance with the German Co-Determination Act. Seven of these employee representatives are employees of Porsche AG, the other three are trade union representatives, As of December 31, 2024, the Supervisory Board had eight women members, which corresponds to $40 \%$.

The Supervisory Board is not an executive body. The shareholder representatives on the Supervisory Board are of the opinion that four shareholder representatives are currently independent within the meaning of recommendation C is of the German Corporate Governance Code (DCDK). These are Ms. Micaela Le Givaleu Lamm, Ms. Melissa Di Quinto Ravo, Dr. Christian Dahheim, and Dr. Hans Peter Schützinger. This corresponds to a $40 \%$ share of independent members.

Members of the Supervisory Board Dr. Hans Michel Pilch, Dr. Ferdinand Obern Porsche, Dr. Wolfgang Porsche, and Hans Dieter Pötsch have all belonged to the Supervisory Board for more than twelve years and thus fulfil one of the indicators set out in recommendation C7 of the DCDK for lack of independence from the company and the Executive Board. However, taking all the circumstances of the specific case into account, the shareholder side still considers these members of the Supervisory Board the meaning of recommendation C is of the German Corporate Board and its

$\equiv Q \leftarrow \rightarrow \leftarrow$	An overview of the sustainability organization
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continual Management Report)
1 General disclosures
Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION

committees shows that Dr. Hans Michel Pilsch, Dr. Ferdinand Olver-Ponsche, Dr. Wolfgang Ponsche, and Mr. Hans Dieter Piltsch continue to unreservedly possess the required critica distance from the company and its Executive Board to allow them to appropriately monitor and assist the Executive Board in managing the company. To properly perform its supervisory and advisory duties, the Supervisory Board as a whole must collectively have the required expertise, i.e. knowledge, skills and professional experience. This requires the members of the Supervisory Board to be collectively familiar with the sector in which the company operates - i.e. the automotive industry and to be able to assess the business conducted by the company. In addition, the Supervisory Board members as a whole must collectively have expertise relating to sustainability issues relevant to the company. If necessary, the Supervisory Board can also seek advice from external experts on ESO matters. Attention should be paid to diversity, a broad range of experience and appropriate representation of both genders when seeking qualified individuals to best strengthen the specialist and managerial expertise of the Supervisory Board as a whole in line with these targets.

The qualification matrix for the Supervisory Board shows that certain Supervisory Board members have expertise in the area of sustainability. $\rightarrow$ E1 Business conduct

In the reporting year, the Supervisory Board received training on selected sustainability topics, such as ESO management, decarbonization, sustainability in the supply chain and its obligations in the context of sustainability reporting in accordance with the CSRD. The training courses were conducted by the Ponsche Sustainability Council and external consultants.

The members of the Supervisory Board have sufficient awareness about anti-corruption and bribery due to their various roles and the training formats they have already completed. The Supervisory Board undergoes additional training on preventing and combating corruption and bribery due to its special position as the company's supervisory body.

In the reporting year, the entire Supervisory Board received detailed and target group-specific training on anti-corruption and bribery from an external consultant, partly due to the four new Supervisory Board members.

Sustainability organization

Cross-functional and overall responsibility for sustainability lies with the Chairman of the Executive Board of Ponsche AG supported by the Member of the Executive Board responsible for Production and Logistics and the Member of the Executive Board responsible for Procurement. The latter two act as overseers of the sustainability strategy. In these roles, they are also responsible for monitoring impacts, risks and opportunities. They are supported in strategic decision-making and development by the internal Environment and Sustainability Steering Group and Environment and Sustainability Steering Committee and the external Ponsche Sustainability Council.

The entire Executive Board determines the fundamental strategic direction and concrete sustainability targets in regular strategy workshops. It also decides on particularly far -reaching actions and flagship projects. The Environment and Sustainability Steering Group, which determines the focal points and direction of the sustainability strategy, is composed of the heads of the main departments. It can be expanded flexibly as required and generally meets once a quarter and prepares the Executive Board's decisions regarding the sustainability strategy.

The Environment and Sustainability Steering Committee is a cross-departmental body comprising representatives of all the relevant departments and determines the direction and content of the sustainability strategy. It also handles decisions regarding the road map and objectives within the strategy. The committee met nine times in the reporting year. The Environment and Sustainability Steering Committee forms working groups to prepare, evaluate, and utilise individual topics, projects and initiatives related to sustainability. These assignments are issued by the Environment and Sustainability Steering Group, to which the Steering Committee reports.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$
MAGAZINE
TO OUR SHAREHOLDERS
CORPORATE GOVERNANCE
COMMERICHANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
1 General disclosures
Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION

The Porsche Sustainability Council (DSM, Adnan Amlo, Refhodo Ran, Prof. Dr. Motto Morning, Prof. Dr. Sookh Iasman, Prof. Dr. Matthias Piekkonen and Prof. Dr. Lucta Reissch (from left to right)
Another key body is the Porsche Sustainability Council. It was formed in 2016 and institutionalizes the stakeholder dialog on sustainability. The members are independent and not bound by instructions. The Executive Board has given the Council farreaching rights to information and consultation, as well as rights of initiative. External specialists in business, science and civil society regularly advise the Executive Board and top management regarding the strategic focus of sustainability and on current relevant and strategic issues. In 2024, the Porsche Sustainability Council met once with the Supervisory Board of Porsche AG, once with selected members of the Executive Board of Porsche AG and once with the Chairman of the Executive Board of Porsche AG. In the reporting year, the focus was on the Porsche AG Group's product strategy and on shaping the transformation phase toward electromobility.

The Sustainability department within the General Secretary and Corporate Development division is responsible for implementing the sustainability strategy and works continuously to optimize it. It realises sustainability projects and manages the sustainability bodies of Porsche AG. It also serves as an interface with the Volkswagen Group, where it represents the Porsche AG Group's central sustainability management.

The Politics and Society department of the Communications, Sustainability and Politics division is responsible for internal and external sustainability communications, strategic stakeholder involvement, and non-financial reporting. It engages in sustainability networks and represents the office of the Porsche Sustainability Council.

SUBTAINABILITY MANAGEMENT
Sustainability means maintaining intact environmental, social and economic systems with long-term viability at a global regional and local level. The Porsche AG Group can influence these systems in various ways, and actively assumes responsibility for contributing to their sustainability. Sustainability is enshrined as a central cross function in the
Porsche Strategy 2009-Pan. Throughout the group, it is anchored in the organization with a clear internal structure and defined responsibilities. This way, the Porsche AG Group wants to address material topics systematically and effectively.

The many years of experience of the Porsche AG Group's Executive Board members in various areas within the Porsche AG Group or the Volkswagen Group as well as in other companies, combined with the regular meetings with the Sustainability Council, enable corporate decisions and the strategic direction to include sustainability matters.

In principle, the entire Executive Board of the Porsche AG Group is responsible for the management of impacts, risks and opportunities. This is regulated in the Rules of Procedure for the Executive Board. The responsibilities of the Supervisory Board are set out in the Rules of Procedure for the Supervisory Board of the Porsche AG Group. The responsibility for impacts, risks and opportunities arises from both the duty to monitor the Executive Board of the Porsche AG Group as well as the tasks of the Audit Committee in connection with non-financial reporting.

The rules of procedure for the Environment and Sustainability Steering Group and Environment and Sustainability Steering Committee mainly regulate the tasks, responsibilities and skills relating to the focus, direction and content of the Sustainability cross-functional strategy.

Alongside the rules of procedure, the Group Sustainability Policy contains binding rules for the entire Porsche AG Group concerning the organization, internal processes, topic management, project implementation and communication of relevant sustainability topics. They enable the Porsche AG Group to ensure that the sustainability strategy is known and implemented in the Porsche AG Group. More information about the group policy can be found in $\rightarrow 5$ ! Groups change.
These overseeing the sustainability strategy report to the entire Executive Board on their topics on an ad hoc basis. The material impacts of the individual topics are managed operationally in the respective Executive Board portfolios.

To control and measure sustainability in business processes and contributions to ESD aspects in a targeted way, the Porsche AG Group launched a software-based ESD management system in 2021. Furthermore, the Porsche AG Group determined performance indicators, which illustrate material non-financial ESD contributions and transparently demonstrate the Porsche business model's contribution to sustainable development. Some examples of these are the decadronization index (DCI) or the proportion of women in management.

Strategy workshops are held regularly to define the strategic direction and target-setting for sustainability. Target achievement is generally reported to and reviewed by the exercisers of the sustainability strategy on a quarterly basis. Additional targets are defined and monitored directly by the responsible departments.

Risks and opportunities related to sustainability topics are managed by the Porsche AG Group's risk management. This has been expended to include an additional process for identifying sustainability risks and opportunities. The risk management processes of the Porsche AG Group are described in the

• Report on risks and opportunities. No special controls or procedures are used for managing impacts.

When decisions are made on important transactions, all relevant information relating to sustainability matters is prepared and provided to the Porsche AG Group's Executive Board. This information is taken into account in the decisionmaking process.

Reporting on the topic of sustainability is generally submitted to the full Executive Board once a year as part of the Porsche AG Group's overall strategy.

In the reporting year, the Porsche AG Group's Executive Board and Supervisory Board dealt with, among other things, the following topics in connection with the material impacts of the Porsche AG Group:

• Decarbonization program
• Electrification of the product portfolio and reduction of fixed emissions
• Sales and distribution planning
• Resource efficiency program
• Occupational health and safety
• Report of the Business and Human Rights Council on the implementation of the LASO
• Promotion of equal opportunities and diversity
• Corporate citibundity
• Customer excitement index
• Integrity and management culture (Porsche Code)
• Report on the whistleblower system
• German Corporate Governance Code and training on antitonruption and bribery
• (Skin-)political developments

Sustainability in remuneration

The remuneration of the Executive Board of Porsche AG consists of fixed and variable remuneration components as well as fringe benefits. The current Executive Board remuneration system implements the legal requirements and complex with the recommendations of the German Corporate Governance Code (DCOA).

Since the reporting year 2023, sustainability topics have been an integral part of the remuneration system for the Executive Board of Porsche AG via the ESD factor. This affects the variable remuneration (annual bonus), which is made up of the following performance criteria:

	Target value			Target achievement			Payment amount
MAGAZINE
TO OUR EHAMENOLEERS				Environment (2)	Social (3)		Government (4)
CORPORATE GOVERNANCE
CONEMED MANAGEMENT REPORT	$50 \mathrm{~m}-200 \%$		Multiple/0.7-1.3	Multipk/0.7-1.1
	Total short-term variable remuneration (STI)				Multipk/0.7-1.1

NON-FINANCIAL STATEMENT

(part of the Continual Management Report)
General disclosures
Enviroment
Social
Governance
Armes
CONSOLIDATED FINANCIAL
STATEMENTS

FURTHER INTERNATION

The financial targets include the return on sales (RSES) of the Porsche AG Group and the net cash flow margin (NCFM) of the Porsche AG Group's automotive segment.

The annual bonus is a short-term variable remuneration component based on target achievement during the reporting year. It is aligned with the financial targets of Porsche AG and the ESD factor. The payment amount is calculated by multiplying the individual target amount by the sum of the weighted financial sub-target achievement levels and then by the ESD factor. The annual bonus can range between 0 and 100\% of the target amount (cap). The resulting amount is paid out to the Executive Board members, subject to malus provisions.

The financial targets include the return on sales (RSES) of the Porsche AG Group and the net cash flow margin (NCFM) of the Porsche AG Group's automotive segment.

The reporting year 2023, the climate-related metric desectorization index (DEI) was established as a criterion for the environmental sub-target in the Executive Board's remuneration system. The DEI aims to provide an overview of the DEI, equivalent emissions along the value chain (production, use and end-of-life) based on an assessment of environmental impacts such as the carbon footprint over the entire life cycle of a vehicle. See also «t10 Boxes change.

Employee satisfaction was added alongside the gender quota and the customer excitement index as another ESD criterion for the social sub-target in the reporting year. The weighting of the ESD sub-targets was adjusted. See also «t10 thee workflow s10 t 10 e5 Consumers and oral users.

Employee satisfaction is a broader reflection of sustainability aspects and places people more prominently at the center of Porsche AG's actions. Porsche AG also believes that a high level of employee satisfaction has a positive impact on the external
perception of the company as a highly attractive employer in an increasingly competitive environment for employees and applicants. Employee satisfaction is calculated using an annual employee survey. The results of the "Porsche Pub" provide an index score that is defined as a target in the Executive Board remuneration system.

The Supervisory Board uses the governance factor to convey its satisfaction with the Executive Board's actual conduct in relation to integrity and compliance expectations.

The four ESD criteria reflect the following sub-targets of the Porsche AG Group: diversity as a relevant factor for the company's success, customer satisfaction as an expression of Porsche products continuously being improved, employee satisfaction as a significant indication of the company's leading position as an employer, and the ESD to represent the Porsche AG Group's climate change mitigation efforts.

The ESD factor is calculated from the weighted ESD subtargets environment (desectorization index) (AIDIs) and social (each equally weighted gender quota, customer excitement index and employee satisfaction) (AIDIs) and the governance factor of 1.0. The ESD factor for the reporting year is 1.16 .

The Supervisory Board of Porsche AG sets the target values for each reporting year. After the end of the reporting year, target achievement is reviewed and the payment amount determined. The Chairman of the Supervisory Board is actively involved in approving and updating the remuneration structures. It prepares corresponding proposals and develops recommendations that are then submitted to the full Supervisory Board for a decision. This structured approach ensures that the remuneration policy is always up to date and effectively supports the company's targets. The following
overview shows the threshold, target and maximum values set by the Supervisory Board for reporting year for the desectorization index (DEI), gender quota, customer
excitement index and employee satisfaction, along with the actual figures and multiplication factor achieved in the reporting year.

Enviroment
Social

The remuneration of the Supervisory Board of Porsche AG comprises fixed remuneration plus a flat rate for attending meetings. It is aligned with the recommendations of the German Corporate Governance Code (DCDK 0. 18) and is not tied to ESD factors.

Since 2023, ESD targets have also been firmly anchored in the remuneration system for the management of Porsche AG and selected national subsidiaries. In the reporting year, this criterion was also implemented for Porsche AG's employees covered by collective bargaining agreements.

Internal control and risk management system in the

context of the non-financial statement

The CSRD ICS was gradually added to the accounting-related internal control system (ICS) over the course of the reporting year in order to meet sustainability reporting requirements. The aim is to mitigate material risks throughout the reporting process by implementing risk-mitigating actions and to reduce the risk of a material misstatement within the non-financial statement.

In order to keep the reporting process secure, the material risks were identified during a process analysis and assessment. Corresponding risk-minimizing controls have been defined for these risks and implemented along the CSRD reporting process. These range from the definition of roles and responsibilities, data collection and data calculation through to the complete and correct transfer of the report details to the report. The
excitement index and employee satisfaction, along with the actual figures and multiplication factor achieved in the reporting year.

COREICO includes all group companies that are included in the CSRD consolidated group. The data supplied by the group companies is secured by both decentralized and centralized controls.

Additionally, to mitigate the risk of a material misstatement in the non-financial statement, a risk-oriented concept was developed on a data point basis, which mainly looks at how susceptible the sustainability-related data points are to error and what the potential reputational damage would be. The aforementioned aspects of the risk-oriented concept made it possible to differentiate the centrally specified control depth and documentation requirements to safeguard data points subject to reporting. A group-wide system for the design of the CSRD ICS was defined and is continuously developed further. The regular review of the identified material risks along the reporting process as well as the risk-related report content and the associated controls such as the identification of potential control weaknesses and their elimination are all carried out using standardized procedures as part of the continuous monitoring and remediation processes. The results are reported to the Executive Board and Supervisory Board of Porsche AG.

$\equiv \mathrm{Q} \longleftrightarrow \rightarrow \leftrightarrow$
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE			Value chain			Maid relevant time horizon
NON-FINANCIAL STATEMENT (part of the Continual Management Report)		Significant impacts	$+1$	$\mu_{0}$	$|+$	1
General disclosures
1
2	Environment
Social
Governance
Armes
CONSOLIDATED FINANCIAL STATEMENTS		Advenising climate change is a challenge for the global automotive industry. Newly developed vehicles and drive systems as well as actions designed to improve energy efficiency and climate change mitigation in the supply chain, along the value chain of the vehicle manufacturing process and during vehicle use, are intended to contribute to the reduction of global greenhouse gas emissions. The Porsche AG Group is also working to actively reduce the impact of its activities on the environment and climate.
FURTHER INTERNATION
		Advancing climate change is a challenge for the global automotive industry. Newly developed vehicles and drive systems as well as actions designed to improve energy efficiency and climate change mitigation in the supply chain, along the value chain of the vehicle manufacturing process and during vehicle use, are intended to contribute to the reduction of global greenhouse gas emissions. The Porsche AG Group is also working to actively reduce the impact of its activities on the environment and climate.

The Porsche AG Group closely monitors the global markets and, depending on their development, continuously reviews its
product strategy and product range structure for vehicles, including the drive types offered. If intends to pursue the target of a 1.5 -degree reduction pathway as long as possible.

To this end, the goal of the Porsche AG Group is to continuously reduce its emissions along the value chain of its vehicles while also making increasingly efficient use of energy in the company's own business activity.

The Porsche AG Group therefore analyzes various climate scenarios, identifies and assesses climate-related risks and opportunities and takes appropriate action. These are explained in detail in $=$ Climate risk and economic analysis.

The Porsche AG Group is aware of its impact on the environment along the value chain. The materiality assessment carried out in the reporting year.

Impacts, risks and opportunities related to climate change mitigation With regard to climate change mitigation, the Porsche AG Group has identified one actual negative impact as material. The Porsche AG Group contributes to climate change through greenhouse gas emissions in the company's own business activity and in the upstream and downstream value chain. The emissions are caused, among other things, by greenhouse gasintensive processes in the upstream supply chain for raw materials and vehicle parts, in the value chain of the vehicle manufacturing process and in logistics regarding the transport of goods and products. The vehicles that the Porsche AG Group produces and sells also contribute to greenhouse gas emissions in the downstream value chain through then use. Climate change, with its impacts on the environment, has consequences for people and society and poses major challenges worldwide. The identified impact is reflected in the business decisions of the Porsche AG Group, as mitigating the impacts of climate change is firmly embedded in the Porsche Strategy 2030 Plus with the "Decarbonization" strategy held in the "Sustainability" cross-functional strategy.

In addition, the Porsche AG Group also makes a potential positive contribution to climate change mitigation, as it is working to reduce greenhouse gas emissions at its own vehicle production sites and in the upstream and downstream value chain. This contribution can be achieved on the one hand with a product strategy implementing a gradual increase in the proportion of battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in the product portfolio as well as an additional efficiency improvement for vehicles and their drive systems. On the other, a contribution can be made in the upstream value chain by increasing the use of more
environmentally sustainable materials in future vehicle projects and by using electricity from renewable energy sources. In the use phase, utilizing electricity from renewable energy sources can help reduce greenhouse gas emissions. The Porsche AG Group, therefore, supports the expansion of renewable energies. This impact can be positive for the environment and people as a reduction in greenhouse gas emissions can mitigate the effects of climate change.

The reduction of greenhouse gas emissions is embedded in the "Economically strategy of the Porsche AG Group, which identifies "decarbonization" as a key field of action and defines a fargue that are intended to contribute to achieving the goals of the Paris Agreement. The increasing electrification of the Porsche vehicle portfolio will promote the potentially positive impact on climate change in the medium-term.

The Porsche AG Group has identified a potential relevant opportunity that creates the possibility to enhance its reputation through sustainability activities. The growing importance of sustainability among all stakeholders offers the Porsche AG Group the opportunity to further improve its market position through targeted communication of its sustainability attributes and to create additional sales incentives. In particular, the economical use of raw materials, the increasing use of more ecologically sustainable materials in vehicles, the focus on climate-friendly drive technologies, such as BEVs and PHEVs, and other sustainability aspects along the value chain, such as electricity generated from renewable energy sources, can give a reputation based among customers. These effects on reputation can in turn help to increase demand for the vehicles. The "Economically strategy of the Porsche AG Group and the related ambitious targets and actions support the public perception of the Porsche brand as a company promoting sustainability.

The Porsche AG Group has also identified a potential financial risk in connection with the climate-related technology transition, which could arise from a failure to meet market requirements in the product range. Such risks can arise in particular from misjudging market and segment trends in the area of electromedality as well as from changes in political conditions and related requirements for certain technologies.

The continuous development of and investment in new technologies and processes form the basis of the Porsche AG Group's business activities. Potential technology-related risks can occur along the value chain, which may be due to the limited availability, demand or approval of specific sustainable technologies. These can potentially result in a loss of sales.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	This potential financial risk is managed by constantly monitoring market, competitive and legal requirements and by adopting a flexible product policy which, in addition to the focus on significantly increasing the proportion of electrified vehicles, such as BEVs and PHEVs, still also includes models with combustion engines. Project success is also monitored and appropriate action is taken to minimize financial and operational risks. Potential risks in connection with high-voltage batteries include the targeted development of Porsche's own vertical integration in the core technologies and the use of synergies within the Volkswagen Group.
MAGAZINE
TO OUR SHAREHOLDEWS	Another climate-related potential financial transition risk for the Porsche AG Group results from introducing emissions legislation. Emissions and fleet legislation currently in place is being continuously tightened worldwide. This is causing an increase in legal requirements, which may entail risks in terms of implementation and compliance, e.g. CO2 fleet emissions, deviating from the legal target as a result of technical and infrastructure limitations. Legal requirements define specific maximum limits for CO2 fleet emissions. Any failure to meet these fleet emission targets can lead to fines and, in the worst case, a sales ban.
CORPORATE GOVERNANCE	The potential financial climate-related transition risk affects the CO2 emissions of all vehicles in the Porsche AG Group's fleet, which means that the downstream value chain is also affected in addition to the company's own business activity.
COMPETED MANAGEMENT REPORT	The Porsche AG Group is taking action to avoid or further reduce this potential risk. On the one hand, consumption technology is continuously improved, with the product perchilo being aligned with current legal requirements. On the other hand, sales of new BEVs can be optimized depending on demand. In addition, emissions from the Porsche AG Group are offset within the Volkswagen Group's existing emission pools as required. The last option is to consider external credit purchases or compensation payments to the responsible authorities.
- General disclosures	The potential financial risk is reinforcing the Porsche AG Group's goal of further developing its product perchble toward BEVs and PHEVs in order to enable compliance with CO2 limits in the long-term.
- Environment	Potentially necessary adjustments in the development and production of vehicles affect the Porsche AG Group's own business activity. The impacts can go as far as a sales ban, which would affect, among other things, the sales function and the dealer network in the downstream value chain.
- Social	The Porsche AG Group therefore proactively monitors regulatory and market-specific requirements in order to be able to take any necessary changes into account at an early stage. In this respect, the Porsche AG Group complies with the emission and fleet limits agreed and specified within the Volkswagen Group. Change requirements are defined in a regular working group and analyzed in project teams. Appropriate development measures are then introduced.
- Financial	The new EU Batteries Regulation rightens the requirements with regard to the provision of information, product requirements and recycling and reuse requirements for all battery types. This climate-related transition risk has an effect on all new vehicles and after-sales parts with batteries. Given the steadily increasing significance of BEVs for the Porsche AG Group, sales and purchasing are also affected in addition to development and production, which means that the potential financial risk is located along the entire value chain. The risk is managed by an operational cross-departmental project team with an established working and steering group.
- Investment	In addition, the Porsche AG Group identified a potential financial climate-related transition risk in connection with the development of the fast-changing infrastructure for BEVs.
- Access	The availability of a nationwide fast-changing infrastructure in the sales markets is an important prerequisite for the Porsche AG Group's volume targets-the number of BEVs sold. Failure to meet the development targets for the fast-changing infrastructure poses a potential financial risk to sales of all BEV models. This is particularly the case for sales function and the dealer network in the downstream value chain. This potential financial risk is managed centrally by continuously monitoring the development of the fast-changing infrastructure and by introducing various initiatives and cooperations to accelerate the development of infrastructure worldwide, something in which the Porsche AG Group is involved.

Impacts related to energy
The materiality assessment prepared in the reporting year identified a further positive impact related to energy. The Porsche AG Group is promoting the change in the energy rise to renewable energy sources in the value chain of its vehicles. The positive impact results from switching to greenhouse-gasreducing processes and products aimed at reducing energy consumption from food fuel sources along the upstream and downstream value chain and in the company's own business operations. In addition to switching to renewable energy sources, these include more energy-efficient processes and products with the lowest possible consumption during use. The impact is positive for the environment and people as switching to renewable energy sources can mitigate the effects of climate change. "Steadsvercation" is firmly embedded in the Porsche AG Group's « Sustainability energy.

Risks-related to climate change adaptation

The Porsche AG Group has identified a relevant potential financial risk of operations possibly being interrupted due to potential hazards caused by natural disasters in the supply chain. Extreme weather events such as storms or flooding may occur in some of the regions where the company's direct suppliers are located. Possible consequences of the company's operations being interrupted due to these physical environmental risks in the supply chain include delivery delays, production downtime or an increase in operating costs for the Porsche AG Group.
To enable the best possible risk response, the Porsche AG Group analyzes its suppliers for possible physical hazards caused by natural disasters on a risk basis. The focus here is on critical tier 1 suppliers. For these critical tier 1 suppliers, risk analyses were carried out, taking into account material-specific data, technology clusters and monopolies. In addition, new direct suppliers are analyzed for flood and storm hazards on a case-by-case and risk basis. In the reporting year, the Porsche AG Group had to issue a profit warning in connection with flooding at a supplier.

CLIMATE RISK AND SCENARIO ANALYSIS
In the reporting year, the Porsche AG Group started out a detailed climate-related scenario analysis in accordance with the requirements of the European Sustainability Reporting Standards (ESRS).
When analyzing climate risks, a distinction is made between physical and transition risks. Physical risks are those arising from the consequences of climate change, such as extreme weather events or droughts. Transition risks are transitional events resulting from the transition to a dee הראשersizing event. These include, for example, risks arising from regulatory actions or changes in consumer behavior.
The climate risk analysis considers risks that can affect both the company's own operations and the upstream and downstream value chain. Short-, medium- and long-term time horizons were examined and care was taken to ensure that the climate scenarios used are broadly consistent with the critical climate-related assumptions made in the financial statements.

Analysis of physical climate risks
Physical climate risks result from natural events and can have potentially harmful impacts on the environment and people, assets or environmental resources. A distinction is made here between acute and chronic risks: acute climate hazards occur suddenly and have short-term impacts, while chronic climate hazards are continuously present over a longer period of time and can cause long-term damage.
For the assessment of physical risks, the Porsche AG Group has examined relevant objects of investigation with significant assets and business activities - e.g. its own sites, suppliers, infrastructure, sales markets-for any climate hazards that are potentially of relevance. The climate hazards for investigation were selected on the basis of publicly available information and assessments made by relevant departments and site managers.
The acute climate hazards involving floods, droughts, cold or gas-front, heat waves, heavy precipitation, forest and wildfires, cyclones/hurricanes'typhoons, storm surges, land subsidence, bedskides and tornadoes as well as the chronic climate hazards of heat stress, water scarcity, temperature changes and rises in sea levels were identified as potentially relevant for the sites.

	$\xrightarrow{\text { MAGAZINE }}$
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
CONEMED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)	For the sites under the company's own operation, the analysis showed that the climate hazards involving flooding, droughts, cold snaps and frost in particular could have a negative impact on the company's own business activity and assets. While cold snaps and frost were identified as relevant over a short- and medium-term time horizon, floods and droughts are relevant in the medium-term and especially in the long-term.
General disclosures	As appropriate control actions such as air conditioning and flood protection actions have already been successfully implemented, this does not result in any material net risks for the sites under the company's own operation.
	For the supply chain, the results of the natural disaster risk analysis of the sites of selected direct suppliers are evaluated by Pinsuument. Based on this, risk-relevant information and specific actions to reduce the identified climate hazards are obtained from the direct suppliers. Within the upstream supply chain, direct suppliers in particular and the associated provision of necessary materials and raw materials are exposed to hazards caused by natural disasters over a short-, medium- and long-term time horizon. Potential physical risks of relevance were identified for the upstream supply chain, which are presented in more detail under
	4.
	4.
	To make the transition to an economy that is as sustainable as possible, the Porsche AG Group offers 861 and $948 / 4$ models as drive systems alongside conventional combustion engines. In the reporting year, 27% of new vehicles delivered to customers were electrified—whether they were all-electro models or plug-in hybrids. The Porsche AG Group's vehicle product portfoliæans to significantly increase this proportion. The camp-up of electrification depends largely on customer demand, the development of electromagnetic in the dPlevent regions of the world and regulatory incentive schemes. For the transition phase, the Porsche AG Group is positioning itself as flexible as possible with a mix of combustion-engined, plug-in hybrid and all-electro vehicles. This component of the Porsche product strategy thus supports the assumptions of the IEA's N222050 Scenario, at the heart of which is the increased use and political incentivization of environmentally friendly key technologies such as electric vehicles. For example, the N222050 Scenario envisions that BEI's, PHEI's and fuel cell vehicles (PCEVs) will make up around 64\% of all care sold worldwide in 2030. In addition, the scenario assumes that political measures will have to be implemented to restrict sales of new vehicles with combustion engines from 2036 onwards and to promote electrification
NON-FINANCIAL STATEMENTS	In addition, this, the Porsche AG Group assumes that synthetic fuels, referred to coltore's as a fuel, could represent another relevant option when it comes to more environmentally friendly key technologies. These can be produced by synthesizing hydrogen-siing renewable energyand $\mathrm{CO}_{2}$. These regenerative fuels have the potential to drive combustion engines in a way that is virtually carbon neutral.
	Based on these assumptions, the Porsche AG Group has analyzed climate-related transition risks and opportunities using the defined time horizon for a period up to 2050. This analysis included relevant business activity and assets along the value chain. The climate-related transition events identified were assessed taking into account the probability of occurrence, loss and duration of impact.
	Potential climate-related transition risks associated with the transition to a lower-carbon economy and society were identified, particularly in relation to political and regulatory conditions, technological developments, such as advances in renewable energies, energy storage and $\mathrm{CO}_{2}$ capture technologies were taken into account when updating the scenario. The normative scenario is compatible with the highest level of ambition of the Paris Agreement and houses on limiting global warming to $1.8^{\circ} \mathrm{C}$. The N222050 Scenario was selected to examine the strongest transitory impacts for the Porsche AG Group. It shows what is needed in the most important sectors by the various players and by when in order to achieve a reduction to net zero by 2050. For the Porsche AG Group, the sector-specific actions for the transportation sector are mainly of relevance here.

In order to achieve results that are as valid and robust as possible, the Porsche AG Group is a more accurate and effective and effective and effective product supply chain, which is the most important and effective product product. For the most important and effective product product, the Porsche AG Group is a more accurate and effective product product product. For the most important and effective product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product product

MAGAZINE	Vehicle product strategy - Increasing the proportion of BEVs in the vehicle product portfolio, particularly in combination with other actions in the use phase (e.g. the use of renewable energy in the vehicle use phase).	Vehicle production and own sites - Renewable energies (e.g. electricity from renewable energy sources such as noise, wind or hydropower and lisonershare) at Porsche AG's own vehicle production and development sites and at the sites of selected group companies.
CORPORATE GOVERNANCE
CORPORATE MANAGEMENT REPORT	Supply chain - Demand for direct suppliers to use renewable energy in manufacturing processes for vehicle components - Increasing use of more environmentally sustainable materials in vehicles.	Use phase - Renewable energies in the use phase. - Continuous increase in vehicle efficiency.
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
General disclosures
3 Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS	These decarbonization levers are addressed by the «Abbrevi of the transition plan, which are described in a separate section.
	VEHICLE PRODUCT STRAIED
	The vehicle product portfolio forms the core of the Porsche AG Group's activities to achieve the climate targets that have been set. The significant transition of vehicle models to electric mobility is therefore a focal point in the reduction of greenhouse gas emissions. With a typical intensity of the $\mathrm{CO}{2}$ emissions from the electricity used to change electric vehicles (e.g. with the average European electricity mix), an electric vehicle produces less $\mathrm{CO}{2}$ emissions over its life cycle than a comparable vehicle with an internal combustion engine that is mainly powered by fossil fuels.	The see also is a very important one to the best of the world's topics. The air-electric “bayon-now in its second generation-has been available since 2019. The all-electric Macan was launched in the reporting year. The portfolio of the Panzera and Cayenne model series has also been successfully expanded to include PHEV models. These will continue to be designed with high performance in mind and electric ranges suitable for everyday use.
	During the use phase of an electric vehicle, renewable energy sources such as wind and solar power can also be used to further improve the greenhouse gas balance. The vehicle product strategy is one of the greatest levers for the Porsche AG Group to reduce its existing $\mathrm{CO}_{2}$ footprint. This is why the vehicles on offer are to be gradually converted, modified or replaced, thus intensively driving forward the electrification and hybridization of its own vehicle portfolio.
	In the reporting year, 27\% of new vehicles delivered to customers were electrified-whether they were all-electric models or plug-in hybrids. The Porsche AG Group's vehicle product portfolio aims to significantly increase this proportion. The camp-up of electrification depends largely on customer demand, the development of electromobility in the different	The one taken into account as binding requirements for direct suppliers in the procurement process. More information can be found in « Millions and a focus on the value chain.
	In the reporting year, 27\% of new vehicles delivered to customers were electrified-whether they were all-electric models or plug-in hybrids. The Porsche AG Group's vehicle product portfolio aims to significantly increase this proportion. The camp-up of electrification depends largely on customer demand, the development of electromobility in the different	Porsche AG is also working constantly in vehicle and platform projects within the Volkswagen Group to further reduce the $\mathrm{CO}_{2}$ footprint in the supply chain. Using this long-term strategy of aligning vehicle development on a small number of platforms allows for synergies in development and production, which can also make a potential contribution to climate change mitigation.
	Further information on the new Macan and other planned models can be found in « Millions.

SUPPLY CHAIN

The Porsche AG Group also looks at the vehicle supply chain to help it achieve its decarbonization target. Extiresting and processing raw materials and processing them through to the finished components generates $\mathrm{CO}{2}$ emissions along the supply chain on account of the energy and processes used.
The Porsche AG Group assumes that the share of $\mathrm{CO}{2}$ emissions relating to the supply chain could also continue to rise as the share of all-electric vehicles increases because the value chain for high-voltage battery cells in particular is more energy- and $\mathrm{CO}{2}$ intensive than that for combustion engines.
This can be countered in the value chain by using electricity from renewable energy sources, switching to processes with lower $\mathrm{CO}{2}$ emissions or by using secondary materials. As the materials are already specified during the development process of a vehicle, corresponding changes must be defined right at the beginning of vehicle development. This is why the Porsche AG Group has targets for vehicle projects that are firmly and are in the product emergence process. The targets are broken down at system level and translated into requirements at component level.

These are taken into account as binding requirements for direct suppliers in the procurement process. More information can be found in « Millions and a focus on the value chain.

Porsche AG is also working constantly in vehicle and platform projects within the Volkswagen Group to further reduce the $\mathrm{CO}_{2}$ footprint in the supply chain. Using this long-term strategy of aligning vehicle development on a small number of platforms allows for synergies in development and production, which can also make a potential contribution to climate change mitigation. |
| | In the reporting year, 27\% of new vehicles delivered to customers were electrified-whether they were all-electric models or plug-in hybrids. The Porsche AG Group's vehicle product portfolio aims to significantly increase this proportion. The camp-up of electrification depends largely on customer demand, the development of electromobility in the different | The example is a high-voltage battery developed together with partners, which can be used to implement lower-carbon materials and more carbon-efficient processes for several vehicles.

In the reporting year, Porsche AG entered into further partnerships with manufacturers of raw materials to improve the $\mathrm{CO}_{2}$ footprint of Porsche vehicles in this way. Among other things, Porsche AG and a Norwegian aluminum producer agreed to work together on low-carbon aluminum and aluminum with a high proportion of recycled material. In addition, they also intend to develop a plan for a more ecologically sustainable value chain for battery materials and their recycling. The focus here is on how to design efficient and closed cycles for the high-voltage batteries of Porsche electric vehicles. Additional information can be found in « 45 Renauxes see and include economy. |

VEHICLE PRODUCTION AND OWN SITES
Porsche's own vehicle production is an important lever for achieving the decarbonization targets in has set itself. To this end, the use of electricity from renewable energy sources such as noise, wind and hydropower as well as lisonershare is being promoted at selected Porsche AG Group sites. Since 2017, Porsche's own vehicle production and development sites at Porsche AG and Porsche Leipzig GmbH have been using electricity exclusively from renewable energy sources.
Since 2020, the Porsche AG vehicle production site in Stuttgart-Zuffenhausen has only been using lisonershare from waste and residual materials for space and process heating and for production processes. This has been the case for the production of the Porsche Tayvan since the end of 2019. The switch to lisonershare at the vehicle production site in Leipzig and the research and development site in Weissach was made in 2021.
Porsche AG and selected group companies have defined their minimum criteria for new buildings, to go beyond the minimum energy efficiency requirements required by law.
The reduction of $\mathrm{CO}_{2}$ emissions at the vehicle production sites in Stuttgart-Zuffenhausen and Leipzig is also having a positive impact on the decarbonization index (DCI).
The two vehicle production sites in Stuttgart-Zuffenhausen and Leipzig as well as the development site in Weissach were net carbon neutral in the reporting year.
In order to reduce other indirect greenhouse gas emissions, the Porsche AG Group is also focusing on the group companies' own vehicle fleets and has set itself the target of gradually converting these to electrostabilitity.

USE PHASE

The Porsche AG Group is continuously working on decarbonizing the use phase of its vehicles and again implemented « Millions in the reporting year.

For electric vehicles, the $\mathrm{CO}_{2}$ footprint of the use phase depends on the type of electricity generation. As new BEVs increase the demand for electricity in the markets, Porsche AG is involved in long-term indirect commitments with operators of wind and solar plants to promote the expansion of renewable energies.

	The Porsche AD Group also continues to expand its charging infrastructure. Over 1,000 high-performance charging points have been put into operation for customers at more than 600 dealer sites to date. These are tailored to the Porsche Taysan and Porsche Macan and future Porsche vehicles with their 800 volt charging architecture. The Porsche AD Group is also planning to set up its own fast-charging stations along main traffic routes in Germany, Austria, Switzerland, northern Italy and the United Kingdom. In addition to this, it is involved in the further expansion of the public fast-charging infrastructure, which also includes EINITY's network of currently more than 700 fast-charging parks in Europe. In addition, Porsche Destination Charging is helping the Porsche AD Group expand the existing infrastructure for AC charging. There are more than 5,700 charging points in 92 countries. The Porsche Charging Service also enables access to charging points from various providers. More than 800,000 charging points in over 23 European countries are currently connected.
MAGAZINE	Porsche AD is also working on continuously improving the efficiency and thus the range of its BEVs. To this end, the new "Systems Engineering" development methodology was introduced in 2003 and a separate organizational unit was established within the development division at Porsche AD. The new unit centralizes all variables relating to vehicle efficiency in the concept phase and takes responsibility for them until the end of series development. The reduction of fuel and energy consumption has been defined as a key project goal in this framework.
TO OUR DIAMENOLOGIES	As the share of BEVs increases, expenditure on the production of low-carbon technologies for transport is also likely to rise. Over the next few years, capital expenditure on economic activity 3.3 under the CapEx plan is expected to total around €8 billion.
CORPORATE GOVERNANCE	EXPOSURE TO COAL, OIL AND GAS-RELATED ACTIVITIES
COMPARISON	The Porsche AD Group focuses on the manufacture, sale and marketing of passenger cars. Its main business activity is the manufacture of motor vehicles (NACE cycle C,29.10, Manufacture of motor vehicles). The Porsche AD Group has not made any investments in industries associated with investments in coal, oil and gas activities.
REPORT	COORDINATED EU BENCHMARKS
NON-FINANCIAL STATEMENT	Under the "Climate Benchmark Regulation," which affects certain financial service providers such as capital management companies, the exclusion criteria for benchmarks aligned with the Paris Agreement were reviewed. The Porsche AD Group is not excluded from the EU Paris-aligned benchmarks. This means that shares and bonds of the Porsche AD Group meet the strict requirements of the regulation and can be integrated into investment funds that use terms such as "environment" or "eustainability" or their name.
(per of the Continent)
General disclosures	LICEREDHATED ELLABILITY
Environment
Social
Governance	PROSERES AND TARGET ACHIEVEMENT
Annex	The implementation of the transition plan is progressing. Actions were implemented in the reporting year and contribute to a target achievement.
FURTHER INTERACTION	FURTHER STRATEGIC APPROACHES
	Further approaches to increasing resource efficiency in vehicle production
	In addition to the transition plan for climate change mitigation with the associated decarbonization program, the Porsche AD Group is also pursuing other approaches to manage its impacts, opportunities and risks related to climate change mitigation and energy in order to conduct its business activity in the most environmentally friendly manner possible.
	The issues of energy and $\mathrm{CO}_{2}$ emissions, along with other relevant topics, are the focus of a strategic vision for vehicle production and development with the lowest possible environmental impact at selected sites of the Porsche AD Group.
	This vision sees the Porsche AD Group recording and calculating resource consumption for its vehicle production sites in Stuttgart-Zuffenhausen and Leipzig as well as for the development site in Waisach using the Volkswagen Group's impact points method. The indicator includes values for energy consumption and $\mathrm{CO}_{2}$ emissions, and the impact assessment is also taken into account via a multiple for relevance.
	Overall, the GHD emissions potentially tied up in assets and vehicles are not currently expected to limit any of the defined emission reduction targets from being achieved.
	PROSERES AND TARGET ACHIEVEMENT
	The implementation of the transition plan is progressing. Actions were implemented in the reporting year and contribute to a target achievement.
	FURTHER STRATEGIC APPROACHES
	Further approaches to increasing resource efficiency in vehicle production
	In addition to the transition plan for climate change mitigation with the associated decarbonization program, the Porsche AD Group is also pursuing other approaches to manage its impacts, opportunities and risks related to climate change mitigation and energy in order to conduct its business activity in the most environmentally friendly manner possible.
	The issues of energy and $\mathrm{CO}_{2}$ emissions, along with other relevant topics, are the focus of a strategic vision for vehicle production and development with the lowest possible environmental impact at selected sites of the Porsche AD Group.
	This vision sees the Porsche AD Group recording and calculating resource consumption for its vehicle production sites in Stuttgart-Zuffenhausen and Leipzig as well as for the development site in Waisach using the Volkswagen Group's impact points method. The indicator includes values for energy consumption and $\mathrm{CO}_{2}$ emissions, and the impact assessment is also taken into account via a multiple for relevance.
	A detailed description of the impact points method can be found in $\star \$$ PubMed.
	The materials required to manufacture vehicles consume the most resources in the Porsche AD Group's business activities. Technology, processes and logistics in particular can all have a positive effect on resource consumption.
	Since 2014, the environmental impact of Porsche's new vehicle production has been calculated using indicators for the consumption of energy and water as well as the amount of $\mathrm{CO}_{2}$ emissions, solvents and waste per vehicle. The weighted average of these indicators is known as the "reduction of the environmental impact of production (UEP)." Targets for the UEP are described under $\star \$$ PubMed.
	Certifications
	In annual audits, Porsche AG and selected group companies have independent third parties conduct spot checks to ensure that the applicable environmental and energy laws are being observed and that the Environment Compliance Management System (ECMS) meets the requirements of ISO 14001 and ISO 92001.
	The Stuttgart-Zuffenhausen site plays a pioneering role when it comes to certifications: the site of Porsche AG has met the requirements of the European Eco-Management and Audit Scheme (EMAO) for over 25 years, the environmental management standard ISO 14001 since 1999 and the energy management standard ISO 92001 since 2011.
	Porsche AG's "Plant A" at Stuttgart-Zuffenhausen has a grid certificate in accordance with the system standard for districts of the "German Sustainable Building Course" (DEMB). This award is based on evaluations involving 27 different sustainability criteria. Porsche Leipzig GmbH has a DEMB district certification with a platform rating for the Leipzig site, whose recentification extends beyond the reporting year.
	Porsche Leipzig GmbH, the Research and Development Center in Waisach including its external sites, Porsche Leipzig GmbH in Sachsenheim, and Porsche Rheinungsba 1 GmbH have also all been certified as compliant with ISO 14001 and ISO 92001.
	Environmental management and compliance
	The Porsche AD Group's sustainability management encompasses the management of all activities within the defined fields of the e-Kantavakility strategy, including decarbonization.
	As part of the ECMS, the Porsche AD Group regularly reviews the effectiveness of its environmental and energy actions. The ECMS defines roles and responsibilities with regard to design, implementation and monitoring. It also stipulates that environmental aspects must be taken into account during the strategy, planning and decision-making processes. As part of the Porsche AD Group's overall management system, an organized and structured Environmental Compliance Management System ensures that national and international environmental and energy law requirements are implemented. The ECMS requirements are based on specifications of the Volkswagen Group. More information on the ECMS is provided under $\star$ PubMed.

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General disclosures
1.

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	Biogenic CDL emissions from the combustion or biodegradation of biomass
MAGAZINE
	Scope 1 Scope 3 (location-based)	105,775 41,158
TO OUR DIAMENOLIDERS	Methods and assumptions
CORPORATE GOVERNANCE	GCOPE 1 AND SCOPE 2 EMISSENIS
	To determine Scope 1 emissions and biogenic Scope 1 emissions, the Porsche AG Group uses the emissions factors from the group-wide internal standard for determining and documenting environmental indicators (Volkswagen Group Standard 98000) as well as emissions factors defined by the VDA (VDA input: Tensions factors for electricity, district heating and fuels* from 2022). This ensures that uniform emissions factors are used throughout the group. To determine Scope 1 emissions, the conventional energy volumes used are multiplied by the respective emissions factor (VOS, VMMs). Scope 1 OHS emissions include OHS emissions from mobile equipment, e.g. company vehicles, trucks, forklift trucks and from the incineration of fuels for heat generation (e.g. CHF).	The emissions factors used to calculate Scope 3 emissions are largely derived from a generic, representative database that is subject to a fee, in addition, factors from other sources are also used for individual Scope 3 categories (e.g. OHS Protocol).
NON-FINANCIAL STATEMENT		For the reporting year, the Porsche AG Group has also recorded the OS, emissions for the entire Porsche AG Group for the first time in addition to the DO. The greenhouse gas emissions collected as part of the DO are supplemented by the relevant emissions of the group companies.
(part of the Combined Management Report)		For the reporting year, the Porsche AG Group has also recorded the OS, emissions for the entire Porsche AG Group for the first time in addition to the DO. The greenhouse gas emissions collected as part of the DO are supplemented by the relevant emissions of the group companies.
General disclosures		For the reporting year, the Porsche AG and converted into the following categories: Purchased goods and services, Upstream transportation and distribution, Fuel and energy-related activities (not included in Scope 1 or Scope 2), Waste generated in operations as well as Business travel and Employee commuting. In addition, the production volumes (Scope 1 and 2) for the production of the Cayenne at the Volkswagen Group's plant in Bratislava and the Booster and Cayman at the Volkswagen Group's plant in Ostrakošia are included in the "Purchased goods and services" category. The emissions from the "Upstream" and "Downstream transportation and distribution" categories resulting from the production of these two series have also been included for the first time. The values originate from the Volkswagen Group ISO.
Environment		Non-production materials and spend-based services have also included in the "Purchased goods and services" category for the first time, in total, 12 of the 15 Scope 3 categories were calculated and reported for the reporting year in accordance with the Scope 3 standards published by the World Business Council for Sustainable Development (WBCSD) and the World Resources Institute. Categories 3.10 (Processing of sold products) and 3.15 (Investments) are not included. Category 3.9 (Downstream transportation) does not include any transport not commissioned by Porsche AG; the commissioned transports are included in category 3.4 (Upstream transportation and distribution). Emissions from after-sales and motorsport have not been commissioned either.
	The following methods are used to calculate or measure the values in the individual categories:
	Scope 3.1 The OS, emissions in category 1 relate to the supply chain emissions of all passenger cars produced in the reporting year. They were calculated on the basis of life cycle assessments (LCAs). All vehicle LCAs have been independently certified to 003 14040/44. Speed-based data is used for other purchased goods and services of the Porsche AG Group. Scope 1 and Scope 2 emissions from the Volkswagen production sites in Bratislava and Ostrakošia are also recorded for the Cayenne, Booster and Cayman produced in the reporting year. Scope 3.2 Emissions from capital goods are calculated on the basis of expenditure using financial data from Volkswagen AG. Scope 3.3 Group-wide energy consumption is recorded annually in the Volkswagen Group's internal environmental information system and in Porsche's own data collection system for the group companies of Porsche AG and converted into OS, equivalents using emissions factors for the various energy sources from a representative generic database. Scope 3.4 This figure corresponds to the OS, emissions from the provision and use of energy sources, both from incoming and outgoing transports commissioned by Porsche AG as well as transport processes between the sites of the Porsche AG Group worldwide. In addition, the logistics emissions of the Volkswagen production sites in Bratislava and Ostrakošia are recorded for the Cayenne, Booster and Cayman produced in the reporting year. Scope 3.5 Group-wide waste generation is recorded annually in the Volkswagen Group's internal environmental information system and in Porsche's own data collection system for the group companies of Porsche AG and converted into OS, using emissions factors for the various waste streams from a representative generic database. Scope 3.6 The data collected covers all travel activities of the Porsche AG Group that were booked via central framework agreements with external service providers [travel agencies, car rental providers and flight shuttle providers], if necessary data is available for individual group companies, an extrapolation was made using an emissions factor based on the number of employees. Some individually booked travel services are not included.	Scope 3.7 From 2024 onwards, the emissions are based on a calculation that takes into account the global employee figures (direct and indirect) of the Porsche AG Group and region-specific, external, generic metrics on the modal split, transportation mode-specific emissions factors and average commuting distances and working days. Scope 3.8 and 3.13 Emissions from rented and leased assets are calculated on the basis of financial data from Volkswagen AG and using emissions factors. Scope 3.9 The transports commissioned by Porsche AG are included in category 3.4. Scope 3.10 Category 10 comprises emissions from the processing of sold products and is not reported at group level due to its low materiality. Scope 3.11 The OS, emissions comprise the well-to-wheel emissions of all passenger cars produced in 2024, assuming a lifetime distance traveled of 200,000 km. The calculation is based on the weighted average fleet emissions ( $\mathrm{g} / \mathrm{OS}_{1}$-km) in the main European markets (EU27, United Kingdom, Norway and Iceland), China and the USA according to the current legal driving cycles. Region-specific emissions factors for fuel and electricity supply chains from a representative generic database were used to calculate the corresponding well-to-tank emissions. As these generic emissions factors were updated in 2024, the historical emissions have also been updated to reflect this. Scope 3.12 The OS, emissions in category 12 relate to the potential end-of-life emissions of all passenger cars produced in the reporting year. They were calculated on the basis of LCAs. All vehicle LCAs have been independently certified to 003 14040/44. Scope 3.14 Since the reporting year 2022, the calculation has been based on an annual evaluation of the OS, emissions of the Volkswagen Group's leadership and service partners based on the energy consumption of the sites and country-specific emissions factors. The country-specific emissions factors come from a representative generic database. Scope 3.10 Category 15 comprises emissions from various types of investments and is not reported at group level due to its low materiality.
		In general, there may be differences in the evaluation of Scope 3 emissions depending on the reporting period. For example, various divisions such as Logistics and Transitions report some figures from the prior reporting year.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$
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FURTHER INFORMATION
FURTHER INFORMATION

MANAGEMENT
TOTAL EMISSIONS AND SHO INTEASITY
To determine the total GHG emissions, the calculated emission volumes in Scope 1 to 3 are added together. SHO intensity is calculated by dividing total GHG emissions by the net sales revenue of the Porsche AG Group. The sales revenue of the Porsche AG Group can be found in the + Notes to the consolidated financial statements - Sales revenue.
General disclosures
3 Environment
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Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION
FURTHER INFORMATION

Mainline on the use of carbon credits

There are currently no actions already implemented at the Porsche AG Group to remove and store GHG either in the company's own operations or in the value chain.

The Porsche AG Group is pursuing an ambitious
desorbonization program. Actions to avoid and reduce GHG emissions take the utmost priority. The Porsche AG Group is therefore taking action to transition its energy supply to less carbon intensive or renewable energy sources. The Porsche AG Group only resurts to offsetting if emissions cannot be avoided technically or with reasonable economic effort. The carbon offsetting approach is used for all emissions categories from
Scope 1 to Scope 3 .

In the reporting year, the Porsche AG Group offset a total of 1,490,000 cCO $_{\text {p }}$. Only carbon credits that meet recognized international standards are used. To further ensure quality, Porsche AG Group assesses its offset projects according to its own standards in addition to the external certification standards. In the reporting year, only emissions credits that comply with the Varia and Gold standards were used.

Use of carbon credits in the Porsche AG Group

Total
Total carbon credits consisted
Share from removal projects (\%)
Share from reduction projects (\%)
Recognized quality standard 1 Varia (\%)
Recognized quality standard 2 Gold Standard (\%)
Share from projects within the EU [\%]
Share from carbon credits used as a corresponding adjustment to accordance with Art. 9 of the Paris Agreement [\%]

Internal carbon pricing

The Porsche AG Group uses the decarbonization of its value chain as a strategic task. Effective decarbonization can only be achieved by means of a stringent control mechanism. Porsche AG therefore works internally, for example in the context of vehicle projects, with a $\mathrm{CO}{2}$ target control system that continuously calculates the $\mathrm{CO}{2}$ emissions of vehicle projects and evaluates and decides on measures to reduce them in the development process on the basis of marginal costs[E/ $10 \mathrm{E}_{2}$ ]. The financial resources required to achieve the decarbonization targets are included in the corporate planning.

E2 POLLUTION

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	Impacts related to substances of very high concern The materiality assessment revealed a potential negative impact in connection with substances of very high concern. The use and improper handling of substances of very high concern can affect people and the environment and lead to ill health in humans, flora and fauna.
MAGAZINE	To ensure that substances of very high concern are handled properly, corresponding action is taken in accordance with internal regulations in the event of deviations from the intended use or a disruption to operations. Despite all efforts, improper handling can occur both in Porsche's own vehicle production and along the value chain from raw material evisciation to recycling. There is a link to the Porsche AG Group's business model as some substances of very high concern are difficult to substitute. Future legislation could restrict or prohibit the use of such substances and in turn lead to possible adjustments in the business model or the upstream and downstream value chain.
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CORPORATE GOVERNANCE
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NON-FINANCIAL STATEMENT (part of the Continental Management Report) General disclosures		Porsche AG and Porsche Leipzig GmbH are pursuing the target of vehicle production with the lowest possible environmental impact at selected sites of the Porsche AG Group with a program launched specifically for this purpose. Explicit steps toward more sustainable production are being developed and implemented. In addition, resource consumption is assessed using two assessment methods-the site checklist and the impact points method.
General disclosures
Environment		Porsche AG and Porsche Leipzig GmbH are pursuing the target of vehicle production with the lowest possible environmental impact at selected sites of the Porsche AG Group with a program launched specifically for this purpose. Explicit steps toward more sustainable production are being developed and implemented. In addition, resource consumption is assessed using two assessment methods-the site checklist and the impact points method.
Social	Due to the fact that PFAS is used and distributed in the majority of the Porsche AG Group's products, the potential ban may affect the upstream and downstream value chain and the company's own business activities. This results in potential cost and sales risks as well as compliance and legal risks. In addition, the switch to PFAS-free, more sustainable materials is associated with high research and development costs.
PARTNER INTERNATION		Porsche AG month and manager the identified risk through a dedicated working group.
	STRATEGIC APPROACH The Porsche AG Group is aware of the potential impact of its business activities on the environment and is actively working to reduce pollution of air and water at its own sites and, where possible, in the upstream and downstream value chain. The Porsche AG Group has therefore defined environmental protection as one of the four pillars of its environmental and energy policy. The target of avoiding negative environmental impacts on air, water and soil as far as possible is also embedded in the Strategy 2030 Plus and in the Sustainability cross-functional strategy. More information about this strategy is provided in the sustainability strategy section in * Seminal disclosures.
MAGAZINE
	Pollution is divided into the following aspects: pollution of air and water, pollution of living organisms and food resources and substances of very high concern. The approaches used by the Porsche AG Group to manage these aspects in a positive way are described below.
	Reducing emissions in vehicle production and development In addition to reducing greenhouse gas emissions, the Porsche AG Group endeavors to reduce other emissions into a in its own vehicle production.
		Porsche AG and Porsche Leipzig GmbH record, measure and monitor significant emissions at their sites. These include emissions such as carbon dioxide (CO2), nitrogen oxides (NO2), carbon monoxide (CO) and sulfur dioxide (SO2), which mainly occur during combustion processes. Emissions such as chlorinated or fluorinated hydrocarbons (CHC or HFC), which mainly originate from nitrogenants, are also recorded. Measurements are also taken of volatile organic compounds (VOC) which can be released during painting processes in particular, but also in the saldillary. Technical measures are being taken to minimize these emissions as far as possible.
		At the Stuttgart-Zuffenhausen site, an electrostatic separator in the paint shops initially binds excess paint mat. At "Paint Shop," in Stuttgart-Zuffenhausen, a wet chemical air purification system also filters released solvents so they can be recycled. Around 70\% of the purified exhaust air returns to the recirculated air. The remaining approximately 30\% of the exhaust air contains a concentration of solvents that is significantly lower than the legal limit of 30 grams per square meter of vehicle surface. The concentration is approximately $6.27 \mathrm{~g} / \mathrm{m}^{3}$ below this limit. At "Paint Shop it" in StuttgartZuffenhausen, the concentration is around $27 \mathrm{~g} / \mathrm{m}^{3}$ below this limit thanks to the regenerative thermal oxidase integrated in the exhaust gas aftertreatment system. At the Leipzig site, the concentration in the paint shop is approximately $26.4 \mathrm{~g} / \mathrm{m}^{3}$ below the limit. In the reporting year, no refrigerants included in Amresia A, B, C, or E to the Montreal Protocol on Substances that Deplete the Ozone Layer were emitted in the course of the vehicle production at Porsche AG and Porsche Leipzig GmbH.
		The first-25 the Morititak Protocol on the 25th of the Morititak Protocol on Substances that Deplete the Ozone Layer were emitted in the course of the vehicle production at Porsche AG and Porsche Leipzig GmbH.
		The first-25 the DrySorubim in used as separator at the Leipzig site. The Technology is based on dry separation using limestone powder as a binder. The used limestone powder is subsequently processed into cement and chicken in a cement plant.

Politician is divided into the following aspects: pollution of air and water, pollution of living organisms and food resources and substances of very high concern. The approaches used by the Porsche AG Group to manage these aspects in a positive way are described below.

Reducing emissions in vehicle production and development In addition to reducing greenhouse gas emissions, the Porsche AG Group endeavors to reduce other emissions into a in its own vehicle production.

Porsche AG and Porsche Leipzig GmbH record, measure and monitor significant emissions at their sites. These include emissions such as carbon dioxide (CO2), nitrogen oxides (NO2), carbon monoxide (CO) and sulfur dioxide (SO2), which mainly occur during combustion processes. Emissions such as chlorinated or fluorinated hydrocarbons (CHC or HFC), which mainly originate from nitrogenants, are also recorded. Measurements are also taken of volatile organic compounds (VOC) which can be released during painting processes in particular, but also in the saldillary. Technical measures are being taken to minimize these emissions as far as possible.

At the Stuttgart-Zuffenhausen site, an electrostatic separator in the paint shops initially binds excess paint mat. At "Paint Shop," in Stuttgart-Zuffenhausen, a wet chemical air purification system also filters released solvents so they can be recycled. Around 70\% of the purified exhaust air returns to the recirculated air. The remaining approximately 30\% of the exhaust air contains a concentration of solvents that is significantly lower than the legal limit of 30 grams per square meter of vehicle surface. The concentration is approximately $6.27 \mathrm{~g} / \mathrm{m}^{3}$ below this limit. At "Paint Shop it" in StuttgartZuffenhausen, the concentration is around $27 \mathrm{~g} / \mathrm{m}^{3}$ below this limit thanks to the regenerative thermal oxidase integrated in the exhaust gas aftertreatment system. At the Leipzig site, the concentration in the paint shop is approximately $26.4 \mathrm{~g} / \mathrm{m}^{3}$ below the limit. In the reporting year, no refrigerants included in Amresia A, B, C, or E to the Montreal Protocol on Substances that Deplete the Ozone Layer were emitted in the course of the vehicle production at Porsche AG and Porsche Leipzig GmbH.

The first DrySorubim is used as separator at the Leipzig site. The technology is based on dry separation using limestone powder as a binder. The used limestone powder is subsequently processed into cement and chicken in a cement plant.

Additional improvements in the reporting year are described in * Artims.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	In the reporting year, operational disruptions at Porsche AG with potential impacts on soil or water were essentially limited to instances of minor damage when transporting, loading, or unloading containers, as well as hydraulic leaks from transport vehicles, which were remediate internally. There were no reportable events with an impact on soil or water at Porsche Leipzig GmbH in the reporting year either.
MAGAZINE
TO OUR SHAREHOLDERS	With regard to the production of all -electric vehicles, the Porsche AG Group's meets the DASH criteria pursuant to the < 60 fuminums, which for the Porsche AG Group's business model result in particular from Annex C of Delegated Regulation (EU) 2027-12139. In particular substances of very high concern must, for example, be subjected to a substitution check. The requirement to carry out the substitution check is stipulated in VW standard 91101.
CORPORATE GOVERNANCE
CONEMED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	Handling substances of very high concern The production of vehicles requires several different chemical substances along the supply chain. Some of these chemical substances can have dangerous properties and constitute a potential health or environmental risk. Substances that qualify as substances of concern (SOC) or, within the meaning of the EU chemicals regulation REACH, as substances of very high concern (SVHC) are particularly relevant.
General disclosures	Porsche AG has established requirements and processes to ensure that substances of very high concern are avoided and substituted at the vehicle development stage.
3 Environmental	With regard to the use and handling of chemicals, there are processes in place within the Porsche AG Group to achieve compliance with legal requirements for safe use in production and in vehicles. The vehicle production sites in Stuttgart-Zuffenhausen and Leipzig and the development site in Weissach produce hazardous waste, such as waste oil, acids, bases and mixed solvents, which are classed as dangerous goods when they are transported.
Social	By means of interest approval and control processes, Porsche AG and Porsche Leipzig GmbH continuously monitor compliance with current legislation and internal rules on the use of hazardous substances. These processes are part of the group-wide < Environmental Compliance Management System. Relevant departments, such as Environmental Protection, Fire Protection, Occupational Safety, and Health Management, examine the hazardous substance and either approve it for use or order the testing of alternative materials. The existing processes are regularly aligned with current requirements and substances.

In this context, Porsche AG already examines the use of alternative substances in its analyses and evaluations.

Porsche AG has contingency plans and hazard prevention measures in place that are specially tailored to companyspecific environmental risks and aimed at avoiding or minimizing negative environmental impacts. Further information can be found in $<$ Notices.

The production sites in Stuttgart-Zuffenhausen and Leipzig and the development site in Weissach reach have their own five department that can arrive quickly on the scene and take appropriate action in the event of an incident.

Reducing emissions in the upstream value chain The Porsche AG Group is committed to responsible procurement and therefore also requires its direct supplies in the value chain to take action to avoid environmental impacts. This is achieved through both general and material-specific requirements. More information can be found in $<$ Notices with a focus on the value chain.

Despite the sustainability requirements for direct suppliers, the Porsche AG Group has no direct influence on these aspects. This applies in particular to the extraction and processing of raw materials further upstream in the supply chain, e.g. for chemical processes in the production of copper ore. In this context, the Porsche AG Group and the Volkswagen Group are therefore jointly involved in initiatives dedicated to a more sustainable production in countries exporting raw materials. Information on this can be found in $<$ Notices.

Reducing emissions in the vehicle one phase The Porsche AG Group is also working to reduce emissions into air, water and soil during the vehicle's use phase and in the downstream value chain. The Porsche AG Group is required to comply with the regulatory requirements for emissions into air in those markets where Porsche vehicles are sold and/or registered. These are mainly requirements related to regulating CO2 emissions, the registration of zero emission vehicles and limited emissions. Further information about this can be found in $<$ 0.1 Chouks change.

Compliance with legal requirements demands that the relevant data be collected at an early stage as well as consistent management based on this with regard to the targets. This is done, e.g. within the framework of vehicle type approval in the
responsible departments of Porsche AG and selected group companies, in cross-divisional bodies and in cooperation within the Volkswagen Group. Actions include, for example, adapting the vehicle product portfolio, including adjusting the drive type, changing the product substance and technology, sales management and the use of regulatory flexibilities. Further information can be found in $<$ Notices.

FOLCIES

Policision is governed by numerous frameworks and policies of the Porsche AG Group.

Policies with a focus on the company's own business activities The Group Environmental Compliance Management System (ECMS) Policy is based on the specifications of the Volkswagen Group and standardizes the procedure, responsibilities and processes in connection with environmental and energy-related matters under the ECMS within the Porsche AG Group. It also applies to policies. An organized, structured Environmental Compliance Management System ensures that the environmental and energy requirements of national and international legislation as well as internal requirements are implemented.

The group policy and the ECMS are described in detail in $<$ 0.1 Chouks change.

The manual on environmental requirements of Porsche AG and Porsche Leipzig GmbH sets extensive guidelines to minimize pollution in new buildings and conversions as well as in the use phase of buildings and facilities. It sets out basic requirements for resource efficiency. With regard to the protection of water, the manual stipulates that such facilities must be constructed and operated using the best available technology. The use or handling of water-polluting substances must be kept to a minimum. Requirements for noise and light emissions also exist.

The ambition of achieving vehicle production and development with the lowest possible environmental impact at selected sites of the Porsche AG Group is specified, for example, in a topic specific site checklist. The manual and the site checklist are also described in more detail in $<$ 0.1 Chouks change.

Porsche AG has also adopted the "Environmental protection" resource regulation, while Porsche Leipzig GmbH has adopted the "Energy and resource efficiency" resource regulation. They each set out environmental requirements for contractors in the design and construction of buildings and facilities. These are subject to both statutory and internal group regulations. Among
other things, the resource regulations govern the use and avoidance of substances hazardous to the environment as well as comprehensive actions for air pollution control and water protection. Compliance with these resource regulations is monitored by the respective environmental department. The resource regulations are available to direct business partners on the Volkswagen Group's procurement platform. Employees can freely access them on the intranet.

In the Group Hazard Prevention Management Policy, the Porsche AG Group defines a procedure for efficient and effective hazard prevention organization to reduce or avoid incidents. The framework conditions are intended to ensure uniform implementation of the concept within the Porsche AG Group. The target is to ensure that, by means of greater plant safety and a systematic and continuous approach, potential hazards can be identified, assessed and eliminated at an early stage using appropriate means. The respective site's management or legal representatives are responsible for the implementation of the hazard prevention management.

At Porsche AG, the contingency plans and reporting chains are communicated to employees, affected areas and contractors on a regular basis, and employees are trained according to their role in hazard prevention. Drills are also carried out on a regular basis.

This policy thus addresses the impact that substances of very high concern may be handled incorrectly, which was identified in the materiality assessment. Incidents and emergency situations should be avoided whenever possible and, if they occur, their impacts on people and the environment should be mitigated.

Policies with a focus on the value chain The Porsche AG Group also has the ambition to fulfill its responsibility beyond its own activities along the upstream supply chain when it comes to pollution.

Porsche AG sets out corresponding requirements for direct business partners and direct suppliers in several policies in order to reduce pollution in the value chain as far as possible.

The Code of Conduct for Business Partners sets out binding requirements for direct business partners with regard to sustainability. It is described in detail in $<$ 0.1 Business conduct as is the sustainability assessment of direct suppliers using the sustainability rating (3-rating).

| | | With regard to pollution, the direct business partners undertake not to cause any harmful soil change, water pollution, air pollution, harmful noise emissions or excessive water consumption that could lead to significant harm of the natural food and drinking water resources or human health. The direct business partners take appropriate action to refrain from or avoid the use of substances of concern or very high concern and materials with an adverse impact on the environment or health (e.g. carcinogenic, mutagenic, teratogenic substances) within the framework of applicable law and under consideration of the Porsche AG Group's applicable regulations. |
| :--: | :--: |
| | CORPORATE GOVERNANCE | |
| | CONEINED MANAGEMENT REPORT | |
| NON-FINANCIAL STATISMEN (part of the Continual Management Report) | | With regard to pollution, the direct business partners undertake not to cause any harmful soil change, water pollution, air pollution, harmful noise emissions or excessive water consumption that could lead to significant harm of the natural food and drinking water resources or human health. The direct business partners take appropriate action to refrain from or avoid the use of substances of concern or very high concern and materials with an adverse impact on the environment or health (e.g. carcinogenic, mutagenic, teratogenic substances) within the framework of applicable law and under consideration of the Porsche AG Group's applicable regulations. |
| General disclosures | | |
| Environment | | |
| Social | | |
| Governance | | |
| Annex | | |
| CONSOLIDATED FINANCIAL STATISMENTS | | |
| | FURTHER INTERNATION | |
| | The specifications are part of the Volkswagen Group's raw material due diligence management system (RMIDING) and were available for battery raw materials, mice and leather in the reporting year. Additional specifications for natural rubber are being tested on a pilot basis in the Porsche AG Group beyond the reporting year. The specifications are available to the employees involved on the internet. |
| | The specifications for leather require direct suppliers to produce and process leather responsibility. For example, they set out strict criteria to avoid water pollution during the farming process. To comply with these requirements, evidence of a Leather Working Group (LIWG) certification has to be provided. | The specifications for battery raw materials (lithium, nickel, cobalt and natural graphite) require the direct suppliers of the Porsche AG Group to implement due diligence obligations with regard to air pollution, water consumption, biodiversity and hazardous substances, among other things. |
| | | In addition to the Code of Conduct for Business Partners and the specifications, several standards of the Volkswagen Group are relevant with regard to the value chain. They define specific requirements for direct suppliers of materials and vehicle components and also apply to the vehicles of the Porsche AG Group. The Board of Management of the Volkswagen Group is responsible for the standards. They are available to direct business partners on the Volkswagen Group's procurement platform and accessible to employees on the internet. |
| | | The Volkswagen Group standard "91101 Environmental Standard for Articles - Material and Chemical Conformity" governs the requirements for the scope of supply of direct suppliers with regard to the use of substances, mixtures and articles that are prohibited or subject to restrictions by law or internal regulations of the Volkswagen Group. Numerous substances may not be used at all or may only be used with strict limits. For other substances, it is mandatory to always examine the use of alternatives. |
| | | The Volkswagen Group standard explicitly stipulates that the use of DVIC within the meaning of the REACH regulation that are listed in the ECHA (European Chemicals Agency) candidates list is to be generally avoided. Over and above the legal requirements, the Volkswagen Group requires that substances listed in boxes 910 of the REACH regulation that require authorisation are no longer regularly used in new developments, even if the authorization requirement only enters into force after use in series production. |
| | | The Volkswagen Group standard "Herification and Release Requirements for the Delivery of Chemicals" also deals with the registration, evaluation and restriction of substances of concern as process materials, operating materials and genuine parts. Chemicals in category 1A or 1B that are classified as carcinogenic, mutagenic or teratogenic must not be used under any circumstances. Substances of concern should be avoided as far as possible. |

ACTIONS

The Porsche AG Group takes various actions at its vehicle production sites and in the upstream supply chain to avoid or reduce pollution of air, water and soil at the sites and in the upstream and downstream value chain as far as possible.

Action plans for the reporting year were drawn up and implemented accordingly. The following actions were continuously implemented, tracked and reported during the reporting year:

Actions related to vehicle production

Some of the actions taken to avoid environmental emissions in the company's own vehicle production are described in other chapters of this non-financial statement: decarbonization actions in 43 Citesev change, fortifications of production sites also in +45 Citesev change, actions to reduce water consumption and wastewater in +50 Wmm. Development projects for the recycling of high-voltage batteries are discussed in +40 Resource use and smoke economy.

In the reporting year, the Weisesch Development Center switched to dip coating for the painting of 3D printed components. Dip coating reduces paint consumption, paint loss and waste (e.g. spray cans) compared to the previous spraypainting process. The switch was carried out and completed in 2004.

In another project, the cold chamber at the test bench in the overall vehicle test building at the Development Center in Weisesch was retrofitted so that a effugment with lower global warming potential (GWP) can be used, which would be less harmful in the event of a leakage.

In addition, the Porsche AG Group carried out a survey in accordance with the DMSH (Do No Significant Harm) criterion of the +80 Taxonomy at its direct suppliers in the reporting year in order to be able to assess the subethicalability of substances of very high concern (DVHC), taking into account e.g. technical and economic criteria. In the reporting year, substitution checks were carried out for the Porsche AG all -electric models. More information can be found in +80 Taxonomy.

Actions related to the value chain

In order to avoid emissions into air, water and soil as far as possible also in the upstream and downstream supply chain, the Porsche AG Group and the Volkswagen Group are jointly involved in several initiatives dedicated to the more sustainable extraction of raw materials and the responsible use of resources. These can also contribute to a reduction of emissions.

ACTIONS

The Porsche AG Group takes various actions at its vehicle production sites and in the upstream supply chain to avoid or reduce pollution of air, water and soil at its sites and in the upstream and downstream value chain. The reexercising target of avoiding negative environmental impacts, such as pollutant emissions into air and water, to the greatest possible extent is also embedded in the Strategic 2030 Plus and in the Sustainability cross-functional strategy. See +change, business model and value chain under general disclosures for further details.

In coordination with the relevant internal experts, the Porsche AG Group has defined quantitative targets related to greenhouse gas emissions (targets for Scope 1, 2 and 3 emissions, decarbonization index (DIO)). They are explained in detail in +81 Citesev change.

Although the Porsche AG Group does not yet have specific targets related to other emissions into air and water, it manages the identified negative impacts on air and water quality as part of several environmental indicators.

Porsche AG and Porsche Leipzig GmbH measure and calculate resource consumption at the vehicle production sites according to methods of the Volkswagen Group - the Reduction of the environmental impact of production (UEP). The Volkswagen Group has defined five KfNs to measure the overall resource efficiency of a vehicle production site. These indicators include values for energy and water consumption, but also information on CO2 emissions, solvents and waste. With regard to emissions into air, water and soil, the UEP indicator also includes emissions into air of volatile organic compounds (VOC emissions) per vehicle.

The weighted average of these KfNs is known as UEP and has been determined since 2014 with the aim of reducing the environmental impact per vehicle produced by Porsche by 45% between 2014 and 2025, in the reporting year, a reduction of 43.5% was achieved, or 39.9% using the CORD methodology for biomethane accounting. Detailed information about the different methodologies is contained in +81 Citesev change.

$\equiv \mathrm{Q} \longleftarrow \longrightarrow \leftarrow$
MAGAZINE				Value chain			Meet relevant time factors
TO OUR EHABEHOLDERS
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
General disclosures
1) General disclosures
2) Enviroment
Social
Governance
	Social	Governance
CIONEOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION

EX WATER

		Value chain				Meet relevant time factors
Topic	Significant impacts	$\checkmark$	$\square$	$\square$	$\square$	$\checkmark$	$\checkmark$
Water	Contribution to high consumption, withdrawal and discharge of water resources	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$
$+$ : Upstream $\Rightarrow$ Own business activity $\quad$ Downstream $\quad$ Short-term (less than 1 year) $\quad \Rightarrow$ Medium-term ( 1 to 5 years) $\quad \Rightarrow$ Long-term (more than 6 years)
The Porsche AG Group uses water within its own business activities for numerous purposes, such as social areas production, non-production facilities and technical building equipment. The use of water is necessary in many areas and on-site water treatment is becoming increasingly important. Resources from careers or sees are not used directly due to local conditions. Therefore, the Porsche AG Group does not have a direct impact on biodiversity and underwater ecosystems. A large proportion of water withdrawal and water consumption is attributable to the upstream value chain, where water resources are also used in the extraction of raw materials and the production of parts.

The Postle
AG Group uses water within the
own business
activities for
summaries and circulation systems as well as the
careful handling of contaminated wastewater from vehicle
production. See of water in necessary in many areas and
on-site water treatment is becoming increasingly important.
Resources from careers or
sees are not used directly
to local conditions. Therefore, the Porsche AG Group
goals that have a direct impact on
ecosystems. A large proportion of water withdrawal and water
consumption is attributable to the upstream value chain, where
water resources are also used in the extraction of raw materials
and the production of parts.

IMPACTS RELATED TO WATER

In the area of water - water consumption, water withdrawal and water discharge - an actual negative impact was identified in the course of the materiality assessment carried out in 2024.
The Porsche AG Group contributes to high consumption as well as high withdrawal and discharge of water. This applies to the company's own business operations and, in particular, to the upstream value chain including the extraction and processing of raw materials.

STRATEGIC APPROACH

In its environmental and energy policy, the Porsche AG Group has set itself the target of conserving resources as far as possible and reducing resource consumption. In the case of water, this is to be achieved by reducing freshwater withdrawal water discharge and emissions into wastewater at all Porsche's own production sites-with the aim of achieving its goal of producing its own vehicles with the lowest possible environmental impact.

Sustainable water management

The Porsche AG Group aims for its own vehicle production to have a minimal negative impact on the environment. There are many ways to influence water withdrawal and water consumption, and these can be improved through targeted actions in plant engineering, process design and user behavior.

The Postle
AG Group
at least one of
water
consumption, water withdrawal and water discharge - an actual negative impact was identified in the course of the materiality assessment carried out in 2024.
The Porsche AG Group contributes to high consumption as well as high withdrawal and discharge of water. This applies to the company's own business operations and, in particular, to the
upstream value chain including the extraction and processing of raw materials.

ETHATSOC APPROACH

In its environmental and energy policy, the Porsche AG Group has set itself the target of conserving resources as far as possible and reducing resource consumption. In the case of water, this is to be achieved by reducing freshwater withdrawal water discharge and emissions into wastewater at all Porsche's own production sites-with the aim of achieving its goal of
producing its own vehicles with the lowest possible environmental impact.

Sustainable water management

The Porsche AG Group aims for its own vehicle production to
have a minimal negative impact on the environment. There are
many ways to influence water withdrawal and water consumption, and these can be improved through targeted actions in plant engineering, process design and user behavior.

The Postle
AG Group
at least one of
water
consumption, water withdrawal and water
water discharge - an actual negative impact was identified in
the course of the materiality assessment carried out in 2024.
The Porsche AG Group contributes to high consumption as well
as high withdrawal and discharge of water. This applies to the
company's own business operations and, in particular, to the
upstream value chain including the extraction and
processing of raw materials.

STRATEGIC APPROACH

In its environmental and energy policy, the Porsche AG Group has set itself the target of conserving resources as far as possible and reducing resource consumption. In the case of water, this is to be achieved by reducing freshwater withdrawal
water discharge and emissions into wastewater at all Porsche's
own production sites-with the aim of achieving its goal of
producing its own vehicles with the lowest possible
environmental impact.

Disposable water management

The Porsche AG Group aims for its own vehicle production to
have a minimal negative impact on the environment. There are
many ways to influence water withdrawal and water
consumption, and these can be improved through targeted actions in plant engineering, process design and user behavior.

The Postle
AG Group
at least one of
water
consumption, water withdrawal
water discharge - an actual negative impact was identified
in
the course of the materiality assessment carried out in 2024.
The Porsche AG Group contributes to high consumption as well
as high withdrawal and discharge of water. This applies to the
company's own business operations and, in particular, to the
upstream value chain including the extraction and
processing of
raw materials.

ETHATSOC APPROACH

In its environmental and energy policy, the Porsche AG Group has set itself the target of conserving resources as far as possible and reducing resource consumption. In the case of water, this is to be achieved by reducing freshwater withdrawal water discharge and emissions into wastewater at all Porsche's
own production sites-with the aim of achieving its goal of
producing its own vehicles with the lowest possible environmental impact.

Sustainable water management

The Porsche AG Group aims for its own vehicle production to
have a minimal negative impact on the environment. There are
many ways to influence water withdrawal and water
consumption, and these can be improved through targeted actions in plant engineering, process design and user behavior.

The Postle
AG Group
at least one of
water
consumption, water withdrawal
water discharge - an actual negative impact was identified
in
the course of the materiality assessment carried out in 2024.
The Porsche AG Group contributes to high consumption as well
as high withdrawal and discharge of water. This applies to the
company's own business operations and, in particular, to the
upstream value chain including the extraction and
processing of
raw materials.

STRATEGIC APPROACH

In its environmental and energy policy, the Porsche AG Group has set itself the target of conserving resources as far as possible and reducing resource consumption. In the case of water, this is to be achieved by reducing freshwater withdrawal water discharge and emissions into wastewater at all Porsche's
own production sites-with the aim of achieving its goal of
producing its own vehicles with the lowest possible environmental impact.

Sustainable water management

The Porsche AG Group aims for its own vehicle production to
have a minimal negative impact on the environment. There are
many ways to influence water withdrawal and water
consumption, and these can be improved through targeted actions in plant engineering, process design and user behavior.

The Postle
AG Group
at least one of
water
consumption, water withdrawal
water discharge - an actual negative impact was identified
in
the course of the materiality assessment carried out in 2024.
The Porsche AG Group contributes to high consumption as well
as high withdrawal and discharge of water. This applies to the
company's own business operations and, in particular, to the
upstream value chain including the extraction and
processing of
raw materials.

STRATEGIC APPROACH

In its environmental and energy policy, the Porsche AG Group has set itself the target of conserving resources as far as possible and reducing resource consumption. In the case of water, this is to be achieved by reducing freshwater withdrawal
water discharge and emissions into wastewater at all Porsche's
own production sites-with the aim of achieving its goal of
producing its own vehicles with the lowest possible environmental impact.

Sustainable water management

The Porsche AG Group aims for its own vehicle production to
have a minimal negative impact on the environment. There are
many ways to influence water withdrawal and water
consumption, and these can be improved through targeted actions in plant engineering, process design and user behavior.

Protective of water - handling of water- polluting substances

Alongside the efficient use of water, the responsible handling of water resources in the Porsche AG Group primarily focuses on minimizing pollution in wastewaters and on greater groundwater protection when potentially water-polluting substances are used. Water pollutants of all hazard classes are transported, filled into containers, stored or reused on site. Detailed information on the pollution of water is presented in $\rightarrow$ 22 Policies.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	Water consumption in areas at water risk
	The vehicle production sites of the Porsche AG Group are part of the local water cycle and influence the water ressurices available in the relevant region through water withdrawal, water pollution and wastewater treatment. In regions with scarce resources, such as hot and dry countries, responsible use is particularly necessary to avoid further depletion of existing resources. An efficient use of water in vehicle production and closed-loop recycling are therefore indispensable.
MAGAZINE
TO OUR SHAREHOLDERS	Porsche AG and selected group companies use the Water Stress Indices of Verisk Maybecrift to analyze and evaluate their sites. According to these indices, none of the vehicle production sites are situated in an area exposed to high or extreme water stress.
CORPORATE GOVERNANCE
COMPREED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)	Water use in the upstream value chain
	Water consumption is partly attributable to the supply chain, in particular to the extraction and processing of raw materials. Therefore, the Porsche AG Group also expects its business partners to use water carefully, for example by requiring them to take appropriate action at their sites and along their supply chains. Appropriate action includes the effective reduction of water consumption, the reuse and recycling of water and the responsible and effective treatment of wastewater to protect the environment and improve the overall water quality. Business partners should, where necessary, work to ensure that people affected by their operations have access to sufficient, safe and affordable water for personal use. The right to water must be respected at all times.
	Information on the specific requirements of the «Cade of Conduct for Business Partners can be found below in «Publishing
FURTHER INTERNATION	Despite the sustainability requirements for direct suppliers, the Porsche AG Group has no direct influence on these aspects. This applies in particular to the extraction of raw materials. In this context, the Porsche AG Group and the Volkswagen Group are therefore jointly involved in initiatives dedicated to improving the water situation in countries exporting raw materials. More information on this can be found in «Automated

POLICES

The topic of water-water consumption, water withdrawal and water discharge-is governed by various frameworks and policies of the Porsche AG Group.

Policies with a focus on the company's own business activities

The Group Environmental Compliance Management System (EOMS) Policy is based on the specifications of the Volkswagen Group and standardizes the procedure, responsibilities and processes in connection with environmental and energy-related matters under the EOMS within the Porsche AG Group. It also applies to water consumption and water management. The group policy and the EOMS are described in detail in «41 Climate change and 415 Resource use and private economy. The Porsche AG manual on environmental requirements sets out additional requirements for the use of water resources. Their targets include the promotion of groundwater renewal, e.g. by reducing surface runoff via the sewer system, expanding the use of rainwater or using innovative sanitation systems.

The manual on environmental requirements is also described in detail in «41 Climate change and 415 Resource use and private economy. A potential path to vehicle production and development with the lowest possible environmental impact at selected sites of the Porsche AG Group is specified, for example, in a site checklist that covers numerous environmental aspects of the sites. With regard to water withdrawal, the site checklist includes requirements for the sites, such as the proportion of water recycling or the proportion of process water or rainwater used to reduce the consumption of fresh water. It also contains limits for the concentration of pollutants in wastewater. The site checklist is available to all employees involved.

Porsche AG has also adopted resource regulations. The Environmental protection resource regulation governs the procurement of systems and inputs from an environmental perspective. With regard to water, it requires the use of waterswing technologies and the pursuit of multiple reuse or closedloop recycling of water. Accordingly, the extent to which recycling or reuse is possible must be checked for all systems that consume water. The resource regulation is made available on the internet and is the responsibility of the Executive Board of Porsche AG.

The Volkswagen group standard "Group Environmental Indicators" defines indicators for water withdrawal, water consumption and water discharge, which are to be determined in a globally standardized process at all sites. They include, for example, the reuse of water by establishing water cycles at the production sites. The IOR standard is available on the intranet of the Porsche AG Group and is the responsibility of the Volkswagen Group Board of Management.

Policies with a focus on the value chain
The Porsche AG Group also takes its responsibility beyond its own activities along the upstream supply chain when it comes to water. Porsche AG therefore sets out corresponding requirements for direct business partners and direct suppliers in several policies.
The Code of Conduct for Business Partners sets out binding requirements for business partners with regard to sustainability. It is described in detail in « 82 Workers in the value chain. With regard to water, direct business partners are required to take suitable and appropriate action to minimize water consumption at their sites or along their own supply chains, giving priority to regions affected by water scarcity. Direct suppliers of the Porsche AG Group must provide information on total water consumption at product level on request.

In addition, several specific policies on materials and raw materials address the topic of pollution in the upstream supply chain. These specifications were developed together with the Volkswagen Group and rolled out in the Porsche AG Group.

For example, the specifications for leather require the direct players in the supply chain to comply with the Leather Working Group certification, which sets out explicit requirements for the efficient use of water and for wastewater treatment. The specifications for mice require processors in the mice supply chain to apply the Global Workplace Standard of the Responsible Mice Initiative, which also sets out requirements relevant in this context. The specifications for battery raw materials (Sthlum, nickel, cobalt and natural graphite) require direct suppliers to implement due diligence obligations with regard to water consumption and hazardous substances, among other things.

The Porsche AG Group has not currently developed a policy that links the product design of vehicles to water-related challenges as the identified material impact is limited to the upstream value chain and the company's own business activity.

ACTIONS

Porsche AG and selected group companies monitor the impact of production on the environment, including all relevant air and water pollution, water and energy consumption and waste, if possible.

At its site in Stuttgart-Zuffenhausen, for example, Porsche AG has met the requirements of the European Eco-Management and Audit Scheme (EMAE) since 1996, the environmental management standard ISO 14000 1 since 1999 and the energy management standard ISO 50000 1 since 2011. Annual surveillance audits are carried out and a recertification is scheduled every three years.

The Porsche AG Group takes various actions at its vehicle production sites and in the upstream supply chain to minimize its water consumption, water withdrawal and water discharge and to have a positive impact on the environment. To this end, an action plan on the topic of water was prepared in 2020 with medium-term actions (until 2026) and longer-term actions (2027 to 2030) for the vehicle production sites.

The following actions have been continuously implemented, tracked and reported during the reporting year.

The Porsche AG Group applies procedures that save as much water as possible at its production sites and has issued central policies. Wastewater is pretreated in specific wastewater treatment systems, such as physicochemical treatment systems and light liquid separators, to remove harmful substances and reduce the environmental impact of harmful substances discharged into the groundwater. More information on pollutants in connection with water discharge can be found in « 62 Policies».

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$	The wastewater generated in vehicle production is regularly analyzed and monitored in accordance with the requirements of the authorities.
MAGAZINE	Regarding technical building equipment, exoperative costers are optimized, which also makes it possible to save water.
TO OUR SHARKHOLDERS	Actions related to water-polluting substances
CORPORATE GOVERNANCE	At the Porsche AG site in Stuttgart-Zuffenhausen, water pollutants of all hazard classes are filled into containers, stored, used or transported on site. For the protection of soil and groundwater, technical protective devices are fitted, and organizational measures are taken at facilities for handling water-polluting substances in order to mitigate the risk of production interruptions and reduce the environmental impact of harmful substances discharged into the groundwater by raising awareness among employees, fitting technical protective devices to the production systems and installing binding-agent stations at outdoor locations.
COMPETENT	All plant and equipment for handling water-polluting substances belonging to Porsche AG and selected group companies that are subject to inspection are recorded, assessed and documented in a database.
NON-FINANCIAL STATEMENT	All plant and equipment for handling water-polluting substances belonging to Porsche AG and selected group companies that are subject to inspection are recorded,
(part of the Continent)
General disclosures	All plant and equipment for handling water-polluting substances belonging to Porsche AG and selected group companies that are subject to inspection are recorded,
Social Governance
Annes
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION

and a more sustainable lithium extraction in Chile's Salar de Atacama region through multi-stakeholder dialog. The region is one of the most important mining areas for the raw material lithium. A working group of the Responsible Lithium Partnership is focusing in particular on water and the impact of using biree and water.

In the reporting year, representatives from indigenous communities, mining, tourism, agriculture and public authorities worked together on possible solutions to water challenges in the Salar de Atacama region where around a quarter of the world's lithium is extracted. In spring 2024, the participants of the initiative agreed on a joint action plan to protect and manage the water resources of the Salar watershed with foreign.
and a more sustainable lithium extraction in Chile's Salar de Atacama region through multi-stakeholder dialog. The region is one of the most important mining areas for the raw material lithium. A working group of the Responsible Lithium Partnership is focusing in particular on water and the impact of using biree and water.

In the reporting year, representatives from indigenous communities, mining, tourism, agriculture and public authorities worked together on possible solutions to water challenges in the Salar de Atacama region where around a quarter of the world's lithium is extracted. In spring 2024, the participants of the initiative agreed on a joint action plan to protect and manage the water resources of the Salar watershed with foreign.
the following year, the Porsche AG Group received a study started in 2023 in cooperation with the Technical University of Berlin on the water footprint of the Porsche Macan Turbe Electric. The study estimates the water footprint and identifies potential hot spots in terms of materials and life cycle stages. In the coming year, the results will be used to develop optimization measures to reduce water consumption.

Actions focusing on the supply chain

In order to positively impact the use of water resources in the upstream supply chain, the Porsche AG Group and the Volkswagen Group are jointly involved in several initiatives dedicated to a more sustainable extraction of raw materials and a more responsible use of resources-including water.

Through the Volkswagen Group, Porsche AG has been a member of the Responsible Lithium Partnership in Chile since 2021, an initiative coordinated by "Deutsche Gesellschaft für Internationale Zusammenarbeit" (GIZ) and funded by companies in the upstream supply chain of Porsche AG. The initiative aims to achieve a more responsible use of resources
and a more sustainable lithium extraction in Chile's Salar de Atacama region through multi-stakeholder dialog. The region is one of the most important mining areas for the raw material lithium. A working group of the Responsible Lithium Partnership is focusing in particular on water and the impact of using biree and water.

In the reporting year, representatives from indigenous communities, mining, tourism, agriculture and public authorities worked together on possible solutions to water challenges in the Salar de Atacama region where around a quarter of the world's lithium is extracted. In spring 2024, the participants of the initiative agreed on a joint action plan to protect and manage the water resources of the Salar watershed with foreign.
the following year, the Porsche AG Group received water consumption of 162,722 m3. This results in a water intensity at the Porsche AG Group of 4.1 m3 per $€$ million. Water consumption in areas with high water stress amounted to 25,362 m3 in the reporting year.

Water consumption and water intensity

In the Porsche AG Group

$\checkmark$	3684
Water consumption	162,722
In areas with high water stress	25,362
Reclaimed and reused water	$\square$
Water intensity ( $\mathrm{m}^{3} / \mathrm{~K}$ million)	$\square$

Methods and assumptions

To determine exoperative loss, the losses from exoperative costers, supply and exhaust air systems, paint shops and other systems are measured using internal water meters or, where this is not possible, calculated. The water consumption of the other group companies is calculated using a key determined by random sampling. As a result, 46.4% of water consumption was measured directly and 53.6% was estimated using qualified approximation when collecting the data.

The MapleCraft tool was used to analyze water consumption in areas at water risk. This tool focuses on the availability of water and indicates the water stress level of relevant areas. The water stress index takes into account areas that are under extreme or high water stress.

For determining water intensity, total water consumption is compared to the sales revenue of the Porsche AG Group. The corresponding sales revenue of the Porsche AG Group can be found in $\cdot$ Notes to the consolidated financial statements - 1. Sales revenue.

In addition, the Porsche AG Group distinguishes between exclaimed and reused water. Reclaimed water refers to water that has been treated on site before it is used again. Reused water refers to water that is used again without treatment. For determining water reuse, only actions are considered that are designed to be used across multiple systems or processes. Water that is used again (with or without prior treatment) in the same process or in the same system and merely extends life is not included. Examples of this are closed-loop recycling in washing plants or circulating water in the wash-out process at the paint shop.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$
	E4 BIODIVERSITY AND ECOSYSTEMS
MAGAZINE			Value chain
	Topic	Significant impacts	$\checkmark$		$\checkmark$
TO OUR SHAREHOLDERS	Direct reasons of biodiversity loss
CORPORATE GOVERNANCE
COMPRENED MANAGEMENT REPORT	Impacts on the state of species	Endangerment of species due to production activities and product use
NON-FINANCIAL STATEMENT (part of the Continual Management Report)	Impacts and dependencies on ecosystem services	Negative impacts on ecosystem services due to resource exploitation, production and product use
General disclosures

A) Environment

Social
Governance
Armes

CONSOLIDATED FINANCIAL
STATEMENTS

FURTHER INFORMATION

A potential financial risk may arise for Porsche AG in connection with the EU Deforestation Regulation (EUDR), The EUDR particularly aims to minimize the EU's contribution to global deforestation and forest degradation related to the production of certain relevant agricultural commodities. Existing
provinment and distribution processes therefore need to be reviewed and, if necessary, adapted. This has an effect on the entire value chain. Non-compliance with the legal requirements of the EUDR may lead to fines or import or sales bans. In order to minimize risks, Porsche AG plans to integrate the EUDR requirements into its internal processes and contract documents. To ensure due diligence in the supply chain, an IT
test is to be deployed and further actions are to be derived. In addition, Porsche AG relies on specific training and awareness-
veking measures for suppliers to strengthen their awareness of legal requirements and sustainability standards.

Business activities in or adjacent to
biodiversity-sensitive areas
Porsche AG and Porsche Leipzig GmbH have conducted a check
to determine whether the company's sites are located close to
biodiversity-sensitive areas and to analyze potential
dependencies and impacts on biodiesel areas in need of
protection

Eight relevant sites of Porsche AG and Porsche Leipzig GmbH in or close to biodiesel areas in need of protection were located in a site analysis. In this context, Nature (2000 areas (EU Binds
and Habitats Directors) or key biodiversity areas are considered to be such areas. The analysis included Porsche's own
production sites (vehicles, components and powertrains) and technical development centers.

The analysis revealed that there are a total of ten conservation
areas in the vicinity of the investigated sites.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \longleftarrow$
MAGAZINE
TO OUR DIAGREHOLDERS
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continual Management Report)
General disclosures
1. Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION

ACTIONS

In the reporting year, the Porsche AG Group implemented actions related to biodiversity, in particular at Porsche's own vehicle production sites.

Actions related to biodiversity at the sites Porsche AG is increasingly implementing ecological principles and nature-oriented projects at its sites. In this way, it is seeking to promote biodiversity, create valuable habitats and implement the principles of sustainability also in nature-oriented outdoor areas, thereby contributing to the protection of nature and the environment.

STUTTSART-ZUFFENHUDEN SITE
Together with landscape planning and species conservation experts, a guideline for the Stuttgart-Zufferthausen site has been developed. It contains specific instructions for future planting and green space creation measures, such as planting suggestions and care tips.

Back in 2021, Porsche AG already turned an area of around 2,000 square meters at the Stuttgart-Zufferthausen site into a green recreational space for employees and the local neighborhood as part of its commitment to nature-oriented company premises. The willows and native plants planted here also provide referrals for insects. Also, in 2023 and 2024 additional areas were continuously turned into nature-oriented spaces, creating high-quality habitats for plants and animals, to the reporting year, for example, one area was enhanced by native plants that are appropriate for the location, deaffered logs, sandy areas and quarry stones to create new habitats for reptiles and insects, among others. Birds also find shelter in the wild shrubs and trees. The planting of the area was part of the "Porsche Nift" projects, for which Porsche AG employees can volunteer and actively support the planting campaign under the supervision of a professional landscape gardener. Further information about "Porsche Nift" can be found in $\rightarrow$ 11.4thomol commurtion.

WEISSAOH SITE
Actions to realize nature-oriented company grounds are also continuously promoted at the Westesch site. In the reporting year, two large nature-oriented ponds were completed, providing habitats for a diverse range of animal and plant species in and around the standing water. Designed especially as a suitable retreat for amphibians, such as weets and toads, other animal species such as dragonflies and birds will also benefit from the ponds. Around the ponds, various habitat structures, such as marshes and flower meadows, were created on this area of more than 3,000 square meters, for example by planting shrubs and various types of hedges and trees. The area is well protected and forms a connection between the woods and the factory premises, allowing the various animal and plant species to develop sustainability.

LEIPZIE SITE
Biodiversity projects were also continued in the reporting year on the premises of Porsche Leipzig GmbH. The off- road circuit includes grazing land for wild oxen, Eymuer protes and sheep. The former military site also offers diverse habitats for plants, insects, birds and numerous native wildlife species. It is also home to around three million honey bees.

In the reporting year, further green spaces around the off- road circuit were turned into nature-oriented areas with flower meadows and shrubs and moving cycles were adjusted to further improve habitats for insects.

Corporate citizenship projects related to biodiversity

The Porsche Safian initiated in 2018 has also been continued at the Leipzig site in the reporting year. The environmental education project in cooperation with the Auwaldstation Leipzig invites children and families to explore the off- road area's biodiversity accompanied by an environmental educator.

In addition, the Porsche AG Group initiated numerous other employee activities as part of its $\rightarrow$ Corporate citizenship projects in 2024 that contribute directly or indirectly to the preservation and improvement of biodiversity. Activities included tree planting, clean-up campaigns, environmental education and training as well as support for research and science.

TARGETS
Porsche's own vehicle production has a potential negative impact on land use. The Porsche AG Group wants to counteract this impact by reducing land use (land used for its own production) and by enhancing existing green spaces in a nature-oriented way, thus creating added value for nature and biodiversity.

Currently, the Porsche AG Group has not yet formulated a measurable, outcome-oriented and time-bound target within the meaning of the ESRS that could serve as a key performance indicator for the material negative impacts "Support of activities that contribute to biodiversity less." "Endangerment of species due to production activities and product use." "Degradation of the state of ecosystems in own activities and in the value chain" and "Negative impacts on ecosystem services due to resource exploitation, production and product use." It is important for the Porsche AG Group to set sustainable and ambitious targets, the fulfillment of which will make a significant contribution to biodiversity and ecosystems. To this end, the targets should ideally be based on evidence while at the same time complying with the legal provisions arising from the ESRS, among other things. A corresponding target for the Porsche AG Group's impact on biodiversity and ecosystems is to be developed in coordination with the Volkswagen Group in 2025.

With this goal in mind, the Volkswagen Group developed a new biodiversity- related indicator in the reporting year, which was tested on a pilot basis at the sites of Porsche AG and Porsche

Leipzig GmbH. This indicator will make it possible to assess land usage and set targets in this area in the future. The indicator places the factory premises in relation to the results of actions taken to conserve and enhance biodiversity. Depending on their contribution to biodiversity, the spaces enhanced by Porsche's own sites are weighted with a quality factor.

METRICS

Impacts related to biodiversity and ecosystems change As part of the materiality assessment, land-use change in the sense of land sealing was identified as a negative factor at Porsche AG Group possibly significantly influencing biodiversity and ecosystems. This may happen, for example, by expanding or building new sites. In the reporting year, the Porsche AG Group sealed an area of 45 ha.

Methods and assumptions
The determination of the area sealed by the Porsche AG Group in the reporting year takes into account all areas where the soil was covered in an air- and watertight manner in the reporting year, which means that rainwater cannot seep away or can do so only under difficult conditions. These include areas covered by buildings (without green roofs), applied, jointless concrete and paving with tight joints. If a sealed area is unsealed (e.g. land renaturation), this is also taken into account. In this case, the unsealed area is deducted from the total sealed land.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$
ES RESOURCE USE AND CIRCULAR ECONOMY
MAGAZINE			Value	Significant impacts	$\checkmark$	$\Delta \mathrm{H}$	$\vdash$
		Resource inflows, including resource use		Use and sustainable resource consumption due to sustainable material procurement and resource use optimization
CORPORATE GOVERNANCE			Resource outflow related to products and services	Contribution to the circula economy by reducing resource outflows related to products and services	$\square$
CONEMED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)				Contribution to resource depletion through significant waste generation along the value chain	$\square$
General disclosures
1	General disclosures	The Porsche AG Group uses energy, water and numerous other resources and raw materials in the course of its business activities. Vehicle production is the largest consumer of resources.		The following chapter describes the approaches, policies and actions that the Porsche AG Group uses to address resource inflows, resource outflows, waste and circula economy in the most resource-efficient manner possible.
Social
Governance		Technology, processes and logistics can all have a positive effect on resource consumption. The factors energy consumption and greenhouse gas emissions are discussed in detail in $\boldsymbol{\sim 0 1}$ Obtains change, water use is discussed in $\boldsymbol{\sim 0 2}$ Note and the handling of resource outflows and emissions is also described in $\boldsymbol{\sim 0 3}$ Policies.		The following chapter describes the approaches, policies and actions that the Porsche AG Group uses to address resource inflows, resource outflows, waste and circula economy in the most resource-efficient manner possible.
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFERMATION				The Porsche AG Group aims to handle raw materials responsibility in its own activities as well as in the upstream and downstream value chain and is increasingly aligning its processes toward a resource-conserving future. In addition to efficient production processes and the long-lasting use of the vehicles and the materials used in them, the concept of a circular economy is a key factor. This also includes waste avoidance and the promotion of recycling and reuse.

A potential risk was also identified related to resource inflows and resource use, but was not classified as material. As resources become increasingly scarce, the number of regulatory requirements for the use of secondary materials increases. These requirements relate to the proportion of recycled material that must be used in new products. There is a potential risk that the legal requirements for use may not be met due to limited availability of secondary materials or failure to meet quality requirements. Potential regulation has an impact on the company's own business activities as well as on the upstream and downstream value chain, as vehicles or components that do not meet the legal requirements are excluded from the respective sales markets. In order to minimize the emerging potential risk, the Porsche AG Group monitors regulatory requirements and market developments in a targeted manner and communicates them to the relevant departments as part of an internal standard process. The proportion of secondary material used in selected vehicles is continuously reviewed.

Impacts related to resource outflows related to

products and services
Another positive impact related to resource outflows was identified. The Porsche AG Group contributes to the circula economy by reducing resource outflows related to products and services. This is done in the company's own operations and by business partners in the downstream value chain by designing products with the recyolability at the end of their service life in mind and by extending the service life of products by offering repair services.

Impacts related to waste

The ZCOA materiality assessment also revealed a negative impact related to waste for the Porsche AG Group. The Porsche AG Group contributes to resource consumption through waste generation in its own business activity and in the downstream value chain. This includes the disposal of Porsche and oil-life vehicles and the waste generated in Porsche's own vehicle development and production, which have negative impacts on the environment because waste must be disposed of or recycled using energy. Resource depletion is a consequence of the business model, as vehicles have a limited service life.

STRATEGIC APPROACH

The Porsche AG Group aims to minimize the negative environmental impact of its entroposexual activities throughout the product life cycle-from raw material extraction until end-of-life-to minimize the consumption of energy and resources and to support international treaties and initiatives to solve global environmental problems.

The Porsche AG Group's sustainability strategy defines decolonization and circular economy as two of the six focus topics, which are linked to clear targets, metrics and actions. These related to decolonization are explained in more detail in $\boldsymbol{\sim 0 1}$ Obtains change, while those related to circular economy are described here, where currently possible. A comprehensive description of the sustainability strategy can be found in $\boldsymbol{\sim}$ General disclosures.

Resource efficiency

The Porsche AG Group's long-term target is its own vehicle production and development with a minimal negative environmental impact at selected sites. Therefore, Porsche AG and selected group companies have launched a resource efficiency program for all sites and areas of vehicle production.

Technology, processes and logistics can all have a positive effect on resource consumption. Aside from energy consumption, examples of this include using water efficiently based on circulation systems and the careful handling of potentially contaminated wastewater from Porsche's own production. This also includes waste avoidance and the promotion of recycling and reuse.

Porsche's own vehicle production sites in StuttgartZuffenhausen and Leipzig as well as the development site in Wesselseln aim to measure the environmental impacts of a site both completely and absolutely to derive specific steps toward more sustainable production. Using measurement methods and management tools developed specifically for this purpose within the Volkswagen Group, the quantitative environmental impact of the production sites is measured and reduced, particularly in the fields of action of climate-change mitigation and energy, emissions, water and waste. Using the impact points method, the environmental impact is calculated on the basis of resource use and emissions. More information on the ambition of achieving vehicle production and development with the lowest possible environmental impact at selected sites of the Porsche AG Group can be found in $\boldsymbol{\sim 0 2}$ Policies.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	In the reporting year, an active product influence also improved the disknnching of the Porsche Macao electric battery drive. The Porsche AG Group began implementing this project in 2022. To make this possible, appropriate special tools and spare parts were made available to the workshops and Porsche centers.
MAGAZINE
TO OUR DIABETICIZERS
CORPORATE GOVERNANCE
COMPETED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)
General disclosures	In a model project, Porsche AG also evaluated second-life concepts for the time after the actual use phase of high-voltage batteries. In the reporting year, a stationary power storage system made from used Taccan batteries was installed at the Porsche plant in Leipzig. It consists of 4,400 individual battery modules which are grouped into four battery containers. Part of the electricity for the storage system is generated by the factory's own solar pixels, which will a peak output of 9.4 MW. The batteries were taken from pre-series and factory vehicles and are now used as stationary power storage systems after the end of their useful lives.
	PACKAGING MATERAL
	Porsche AG has set itself the internal target of further reducing the use of materials that cannot be recycled. As part of a project, the proportion of recycled plastics in intenally used PE flat bags is after-sales supply was increased to an average of 60-70\% in the reporting year. In 2024, the proportion of non-recyclable foams used in after-sales could be reduced by around $7 / 5$ t compared to the prior year.
MAGAZINE
	In the future, the disposable packaging used for vehicle components in the Porsche AG Group will also be made exclusively from recyclable materials. The use of non-recyclable materials in disposable packaging used for vehicle components will therefore be contractually precluded when new contracts are awarded. In 2023, Porsche AG and selected group companies, together with other Volkswagen Group brands, began working on technical solutions for existing component packaging in order to reduce non-recyclable material as far as possible. These activities were continued in the reporting year. Since the start of the project in 2023, the proportion of nonrecyclable materials could be reduced by around 40\%. By the end of 2025, the proportion is to be increased to 80\%.

TABILIT

The Porsche Strategy 2030 Plus, which is explained in $\rightarrow$ Special disclosures, aims to minimize energy and resource consumption. This also includes avoiding waste and supporting the recycling of components such as battery modules. Depending on the target dimension, these targets are used to meet legal requirements or to manage ambitions that go beyond them in consultation with the relevant internal experts.

Porsche AG and Porsche Leipzig GmbH manage the identified positive contribution to low and sustainable as possible resource consumption and the circular economy through various environmental indicators. See here also the detailed explanation in $\rightarrow$ 41 Chronic change (targets for Scope 1, Scope 2 and Scope 3 emissions, decarbonization index [DCI]).

Targets related to the reduction of virgin resources
In connection with the ambition to produce and develop vehicles with the lowest possible environmental impact at selected sites of the Porsche AG Group, resource use is measured through overarching environmental indicators that are recorded and calculated according to the method of the Volkswagen Group-the Reduction of the environmental impact of production (UEP) indicator and the impact points method, which will replace the UEP from 2025.

Both indicators include values for energy and water consumption, but also for emissions, wastewater and waste, among other things. In addition, the impact points take a multiplier for relevance into account to assess the impact.

A detailed description of the overarching indicators and their targets can also be found in $\rightarrow$ 427.29.64.

The
The Porsche AG Group is working to continuously reduce its demand for primary raw materials. Therefore, specific quantitative targets for the use of circular materials have been defined. These apply to newly developed, purely batteryelectric vehicle models.

The Volkswagen Group specified group-wide ambitions for all group brands, including Porsche AG, for the first time in the reporting year. The plan is for 40\% of the materials used in the Volkswagen Group's products to be made from recycled products by 2040. The weight of the materials is used to measure the percentage of recycled products. Porsche AG aims to help achieve this ambition as far as is technically and economically possible.

Targets related to the reduction of virgin resources
In order to systematically track the targets, the specified vehicle and project targets for circular materials were integrated into the target system and related processes of selected model series. In addition, Porsche AG has developed and implemented an internal tracking system that is constantly being improved. Tracking takes place upon reaching projectspecific reporting milestones.

The legal requirements for the recyclability of vehicles and the country-specific collection obligations for end-of-life vehicles in the EU member states set the bar high for these targets. The EU End-of-Life Vehicles Directive 2000/50/EC which stipulates that at least $85 \%$ of the vehicle weight must be reusable and/or recyclable and at least $95 \%$ must be reusable and/or recoverable, is therefore already taken into account in the Porsche AG Group's vehicle development process.

Targets related to waste
The Porsche AG Group also manages the waste-related impact as part of its general targets related to the avoidance or reduction of waste at its own vehicle production units and targets related to the support of the circular economy.

The Porsche AG Group uses an electronic waste register to record and measure the waste generated at its production sites and to prepare waste batteries. These can be found in $\rightarrow$ 444.444 .

The Porsche AG Group uses an electronic waste register to record and measure the waste generated at its production sites and to prepare waste batteries. These can be found in $\rightarrow$ 444.444 .

NETT

The waste category increased by almost $12 \%$ compared to 2014.

NETTRO

Material resource inflows
Porsche vehicles are extremely complex products consisting of several thousand individual parts. With regard to the criteria of raw material criticality, supply chain risk and relevance for sustainability, individual particularly relevant components can be identified, such as steering wheels, aluminum rims, aluminum-electric parts, Hi battiesks, permanent magnets, generators, wiring harnesses, brake discs, material groups depending on semiconductors (such as in/trainement, control units, radio, etc.) and catalytic converters.

Below the component level, individual resources and materials play a key role in the production of Porsche vehicles. In terms of weight, the most relevant materials used in Porsche's own vehicle production are steel/cast iron, light metals, plastics and copper.

With the electrification of the vehicle portfolio, this is shifting in that the focus is now on certain raw materials required for the production of high-voltage batteries, for example. This is all the more true as the exploitation of these raw materials can be associated with negative environmental impacts and human rights risks. The Porsche AG Group is therefore committed to improving the conditions under which raw materials are extracted and to facilitating their closed-loop recycling.

In the Volkswagen Group, and therefore also in the Porsche AG Group, 18 raw materials are currently assessed as particularly risky and are therefore subject to a separate Raw Material Out Diligence Management System. These include the battery raw materials cobalt, lithium, nickel and graphite, the conflict minerals (tr, tantalum, tungsten and gold [3PD] as well as aluminum, copper, leathin, mica, steel, natural rubber, platinum group metals, care earths, cotton and magnesium. For leathin, mica and battery raw materials with high sustainability risks, comprehensive ESD requirements for the supply chain are defined through specifications.

To reduce resource consumption, the recyclate content of some metallic raw materials such as copper or aluminum and plastics has already been requested from selected suppliers. In addition, the Porsche AG Group intends to increasingly use renewable raw materials and recyclates in vehicles, wherever it is technically and economically feasible and makes sense from a sustainability perspective.

In view of the increasing complexity of supply chains and the challenges related to acquisition and material availability, the Volkswagen Group as a whole is planning to set up and establish a central group raw material procurement to secure critical and strategic raw materials for focus components.

WATER AS A RESOURCE WINDOW IN OPERATIONS AND VALUE CHAIN
Water plays an important role both in the supply chain and in vehicle production. The water consumption is partly attributable to the supply chain, in particular to the extraction and processing of raw materials. For example, the extraction of raw materials, which are central to the ramp-up of a mobility, sometimes involves non-sustainable consumption of water.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \longleftarrow$	This makes it all the more important to take actions that minimize water consumption, especially in regions where water is scarce. Water is also an important input factor in the Porsche AG Group's own production. Various process steps depend on a sufficient supply of water resources. Negative impacts on bodies of water are avoided through comprehensive water-protection concepts at the production sites.
MAGAZINE	PREPARITY, PLANT AND EQUIPMENT AS RESOURCE INFLUWES As the Porsche AG Group did not open any new production sites in the reporting year, there were no material resource inflows in this regard.
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMPRENCE MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continental Management Report)
General disclosures
1. Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INFORMATION

The
Porsche AG Group takes extensive measures to recycle and reuse in after-sales. Specifically, around $5,000$ spare parts (geedioses, navigation systems, starter motors, etc.) are placed on the market as refulldated old parts every year. The goal is to reuse and recycle even more parts in the future and to design more parts so that they are reusable and resysitable.

RECYCLAIL E PROPORTION IN VEHICLES PRODUCED
In accordance with the European Glossary on end-of-life vehicles, all vehicles produced by the Porsche AG Group in the reporting year are at least $85 \%$ resysitable. The values are determined pursuant to UN R133 in accordance with 850 22628 standard (Road vehicles - Resysilability and recoverability - Calvulation method). The collected data is checked by a testing service as part of the type approval and forms part of the homologation.

Metrics on waste

As an automotive manufacturer, production and development waste is of critical importance for the Porsche AG Group. The most relevant waste stream is metal waste, consisting of sheet metal stamping waste, castings and shavings, for example. The most important materials included in metal waste are aluminum and steel. In addition to metal waste, plastic waste plays an important role, which is primarily produced during the mechanical processing of structural vehicle parts. Polypropylene is the most common material in plastic waste. A third important waste stream is paint and casting waste. When painting the vehicles, the resulting paint sludge may contain solvents, pigments, molds, fillers and additives. Packaging material is also an important waste stream that primarily results from the delivery of components. Electronic waste is also common in production. Hazardous waste in vehicle production is mainly generated as part of the chemical surface treatment and coating of body components, this replacement of used oils and lubricants and through the use of cleaning agents and solvents.

In the reporting year, the Porsche AG Group produced waste totaling $36,524 \mathrm{t}$. The proportion of non-recycled waste was $31.7 \%$ and the total amount of hazardous waste was $8,860 \mathrm{t}$.

		254
MAGAZINE
	Total waste	30,524
	Total waste for recovery	30,509
	Waste for recovery - preparation for reuse	1,349
	Heard non-hazardous waste	1,230
	Heard hazardous waste	114
	Waste for recovery - recycling	23,605
CONFORATE GOVERNANCE		17,106
	Heard hazardous waste	5,499
	Waste for recovery - other recovery operations	5,555
CONEINED MANAGEMENT REPORT		4,167
	Heard non-hazardous waste	1,368
	Heard hazardous waste	1,368
	Total waste for removal	2,015
	Waste for removal - restoration	1,604
	Heard non-hazardous waste	697
	Heard hazardous waste	707
CONSOLIDATED FINANCIAL STATEMENTS
	Total waste for removal - total disposal operations	11,678
	Heard non-hazardous waste	317
	Heard hazardous waste	114
	Heard natural waste	11,678
Social
Governance
Annes
	Proportion of non-recycled waste (\%)	31.7
	Total hazardous waste	8,840
CONSOLIDATED FINANCIAL STATEMENTS
	Total waste for recovery - preparation for reuse	1,349
	Heard non-hazardous waste	1,230
	Heard hazardous waste	1,308
FURTHER INTERNATION
	Heard non-hazardous waste	792
Social
Governance
Annes
	Proportion of non-recycled waste (\%)	31.7
	Total hazardous waste	8,840
	The amounts of waste generated at the production and development sites are recorded and documented in the waste management system using registered weighing slips, handover certificates and individual disposal certificates. Waste is classified according to the List of Wastes Ordinance. At the other sites, information from the waste disposal companies is used to determine the amount of waste generated. Where possible, actual values are used to calculate the annual totals. Months for which no actual values are available are extrapolated.
	Non-recycled waste includes waste for removal as well as waste that flows into other recovery processes.

EU TAXONOMY

Doing business in an environmentally sustainable way is one of the central challenges of our time. The European Union (EU) has defined criteria for determining the degree of environmental sustainability of companies. With environmentally sustainable investments in development activities and in property, plant and equipment in line with the EU Taxonomy Regulation, the Porsche AG Group is today already shaping the future in an environmentally sustainable way as envisioned by the EU Taxonomy.

Background and objectives

As part of the European Green Deal, the EU has placed the topics of climate protection, the environment and sustainability at the heart of its political agenda in order to achieve climate neutrality by 2050. The financial sector is expected to play a decisive role in making this objective, and in 2021 the EU therefore published the Strategy for Financing the Transition to a Sustainable Economy. This aims to support financing for the transition to a sustainable economy and contains suggestions for measures in the areas of financing the transition to sustainability, inclusiveness, the financial sector's resilience and contribution as well as global ambition. The strategy is based on the EU Action Plan from 2018 on financing sustainable growth and contains the EU Taxonomy (Regulation [EU] 2020/852 and associated delegated acts) as the main building block alongside disclosures and tools.

The EU Taxonomy is a classification system for environmentally sustainable economic activities. An economic activity is considered taxonomy-eligible if it is listed in the EU Taxonomy and can potentially contribute to realising at least one of the following six environmental objectives:

EU Taxonomy classification system

$>$	Climate change mitigation
$>$	Climate change adaptation
	Sustainable use and protection of water and marine resources
$>$	Transition to a circular economy
$>$	Pollution prevention and control
	Protection and restoration of biodiversity and ecosystems

An activity is only considered environmentally sustainable, i.e. taxonomy-aligned, if it meets all three of the following conditions:

• The activity makes a substantial contribution to one of the environmental objectives by meeting the screening criteria defined for this economic activity, e.g. level of CO2 emissions for the climate change mitigation environmental objective
• The activity meets the Do-Yao-Significare-Harm (DASH) criteria defined for this economic activity. These are designed to prevent significant harm to one or more of the other environmental objectives, e.g. from the production process or by the product
• The activity is carried out in compliance with the minimum raffigurante, which apply to all economic activities and relate primarily to human rights and social and labor standards

The EU Taxonomy contains avoiding and terminology that are still subject to some uncertainty in interpretation and that could lead to amendments in the reporting following later clarification by the EU. There is ultimately the risk that the indicators disclosed an taxonomy-aligned should have been evaluated differently. The interpretation of the Porsche AG Group are set out below.

Economic activities of the Porsche AG Group

The activities of the Porsche AG Group comprise the development, production and sale of passenger cars. They also include financial services and other services and activities. Activities in these areas are suited under the EU Taxonomy to making a substantial contribution to the environmental objective of climate change mitigation by increasing lowcarbon mobility.

The analysis of the economic activities in the context of the EU Taxonomy has not revealed any activities that contribute specifically to any of the other five environmental objectives for the Porsche AG Group.

Activities are mainly allocated to economic activity "3.3 Manufacture of low-carbon technologies for transport" and minimally to economic activity " 5.18 Manufacture of automotive and mobility components" as listed in the EU Taxonomy's environmental objective of climate change mitigation. Changes may be made to the economic activities in the future as the rules around the EU Taxonomy are dynamically evolving.

Economic activity "3.3 Manufacture of lowcarbon technologies for transport"

The Porsche AG Group allocates all activities in the group associated with the development, production, sale (including financial services), operation and servicing of vehicles to this economic activity. This includes all passenger cars manufactured by the Porsche AG Group, irrespective of their drive technology, and also includes genuine parts.

| | The Porsche AG Group has detailed the vehicles manufactured by model and drive technology and analyzed the CO2 emissions associated with them in accordance with the currently applicable requirements. In this way, the Porsche AG Group has identified those vehicles among all of its taxonomy -eligible vehicles that meet the screening criteria and with which the substantial contribution to climate change mitigation is measured. These include all of the Porsche AG Group's all-
electric vehicles (BEVs). They also include passenger cars with CO2 emissions of less than $50 \mu \mathrm{~km}$ pursuant to the $90.7 \mathrm{Pc} \mathrm{~m} / \mathrm{d}$ (Secondary 31, 2025). This encompasses some of the plug-in hybrids. |
| :--: | :--: |
| MAGAZINE | Economic activity "3.18 Manufacture of automotive and mobility components" |
| TO OUR DIAMENOLOGIES | Components that play an important role in reducing greenhouse gas emissions are reported in this economic activity. Here, the Porsche AG Group allocates the sale of engines and powertrans for battery-electric vehicles produced by it to third parties; this essentially relates to the sale of these components to Volkswagen Slovakia and KUDI AG. |
| CORPORATE GOVERNANCE | |
| COMPRESENANADMENT REPORT | |
| NON-FINAMOAL STATEMENT (part of the Combined Management Report) | The EU Taxonomy contains wording and terms that are subject to interpretation uncertainties and occasionally goes beyond the other regulations applied in current operations. Below, the Porsche AG Group sets out its interpretation and describes the main analyses it used to examine whether there was any significant harm to the other environmental objectives. The assessments confirm that the Porsche AG Group meets the requirements of the DASH criteria in the reporting year for the sites where passenger cars and components are produced as well as for the all-electric- vehicles and their components manufactured there. |
| General disclosures | |
| 3. Environment | |
| Social | |
| Governance | |
| Annex | |
| CONSOLIDATED FINANCIAL STATEMENTS | The GU Taxonomy and have therefore been initially classified as being taxonomy -non-eligible. |
| FURTHER INTERNATIONAL | Do the Significant Harm (DASH) |
| | The DASH criteria were analyzed in the reporting year for economic activities covered by "3.3 Manufacture of low-carbon technologies for transport" and "3.18 Manufacture of automotive and mobility components." |
| | These analyses were mainly performed for the all-electric vehicles of the Porsche AG Group and for each production site where passenger cars are or will be produced that meet the screening criteria for the substantial contribution of economic activities "3.3 Manufacture of low-carbon technologies for transport" and "3.18 Manufacture of automotive and mobility components," or that are to meet them in the future according to the Porsche AG Group's five-year planning-based on the current requirements. |

The EU Taxonomy contains wording and terms that are subject to interpretation uncertainties and occasionally goes beyond the other regulations applied in current operations. Below, the Porsche AG Group sets out its interpretation and describes the main analyses it used to examine whether there was any significant harm to the other environmental objectives. The assessments confirm that the Porsche AG Group meets the requirements of the DASH criteria in the reporting year for the sites where passenger cars and components are produced as well as for the all-electric- vehicles and their components manufactured there.

CLINATE CHANGE ADAPTATION
The Porsche AG Group performed a climate risk and vulnerability assessment to identify which production sites may be affected by physical climate risks. The physical climate risks identified were analyzed on the basis of the lifetime of the relevant fixed asset.

The Porsche AG Group's climate-based DASH assessment is based on "Representative Concentration Pathway (RCP) scenario (0-8.5" by 2050) and thus assumes the highest concentration of CO2 according to the Intergovernmental Panel on Climate Change (IPCC). The relevance of the identified threats was assessed for the local environment and, if appropriate, the actions needed to mitigate the risk have been developed.

SUSTAINABLE USE AND PROTECTION OF WATER AND MARKED BIOLOGIES
The economic activities of the Porsche AG Group with respect to the sustainable use and protection of water and marine resources were evaluated looking at the three following criteria: preserving water quality of used surface waters, carrying out an environmental impact assessment (EIA or similar processes) that takes into account the impact on water resources and taking action to avoid water stress. Risks identified in the course of EIA or similar investigations are examined and, if relevant, result in measures and official requirements. The Porsche AG Group based the analysis primarily on ISO 14001 certificates, findings from site approval procedures and other external data sources with regard to sites in regions with a greater exposure to risks.

TAMENTION TO A CIRCULAR ECONOMY
Environmentally compatible waste management in the manufacturing process, the reuse and use of secondary raw materials and a long product lifespan are key parts of the Porsche AG Group's environmental management system. The strategy field of a circular economy is part of the Porsche AG Group's sustainability strategy and is divided into several fields of action. Here, cross-functional teams work-on-varices key topics-including recycling concepts for high-voltage batteries, the use of circular materials in Porsche vehicles, sustainable product design for the remanufacturing of vehicle components. The strategy field also covers circular economy projects at the sites.

In the long-term, the Porsche AG Group is committed to vehicle production and development with the lowest possible environmental impact at selected sites of the Porsche AG Group.

The product-related requirements for passenger cars and light commercial vehicles are reflected in the implementation of the statutory end-of-life vehicle requirements in conjunction with the type approval of the vehicle models. In addition to this, there are targets and actions for the use of recycled materials in new vehicles.

POLLUTION PREVENTON AND CONTROL

An economic activity is considered to be environmentally sustainable if this activity does not result in a substantial increase-compared to the situation before the activity commenced-of-pollutant emissions in the air, water or soil. The automotive sector generally is already heavily regulated, as can be seen, among other things, from the publicly available Global Automotive Decorable Substance List (GADSL). Approval and monitoring processes are implemented with the aim of ensuring compliance with the current legislation and internal regulations applicable to the business operators. In this context, the Porsche AG Group's analyses and evaluations already also explore the use of alternative substances.

In June 2023, the EU Commission revised the DASH criterion of the EU Taxonomy. There is room for interpretation as the effects of the changed requirements for internal processes with regard to substitution checks for substances of very high concern (DVHC) and, from the reporting year, for other taxonomy -relevant substances.

The Porsche AG Group has defined requirements and processes to ensure that taxonomy -relevant substances are generally avoided and substituted. Based on this, the Porsche AG Group includes the vehicle-related materials and components in its analyses with regard to the substances they contain in order to evaluate the substitutability of taxonomy -relevant substances, taking into account technical and economic criteria. Corresponding substitution checks have been initiated for the sites where passenger cars and components are produced as well as for the all-electric- vehicles and their components manufactured there. These must be carried out with the professional and technical support of suppliers. Proof of compliance with the new regulations for the plug-in hybrids and their components currently in production was not provided in the reporting year.

PROTECTION AND RESTORATION OF BIODIVERSITY AND ECONYSTEMS

In order to verify compliance with the requirements of biodiversity and ecosystems, the relevant areas were identified. Where biodiversity -sensitive areas are located there to a production site, the company checked whether a nature conservation assessment had been performed and whether nature conservation actions had been defined in the environmental approvals and subsequently implemented. Whether a site's conservation status had changed was also checked.

Minimum safeguards
The minimum safeguards consist of the OECD Guidelines for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the Fundamental Conventions of the International Labour Organization (ILO) and the International Bill of Human Rights. The assessments confirmed that the Porsche AG Group met the requirements of the minimum safeguards in the reporting year. The Executive Board and Group Works Council of Porsche AG are committed to respecting human rights and to promoting good working conditions and the trade. The German Supply Chain Due Diligence Act (SdSD) stipulates certain due diligence obligations to avoid human rights and environmental risks. These include carrying out risk analyses, establishing preventive and remedial actions and providing a complaints mechanism.

For its supply chain, the Porsche AG Group has systematically added processes and measures to respect human rights to its company-wide risk and supplier management systems. For its own business, the Porsche AG Group uses its compliance risk assessment to map the human rights and environmental issues within the Porsche AG Group. The risk assessment forms the basis for identifying appropriate actions.

$\equiv \mathrm{Q} \leftarrow \rightarrow \leftarrow$	The Porsche AG Group operates a multistage complaints management system that provides internal and external complaiants with a confidential communication channel for reporting potential breaches of human rights and violations of environmental duties.
TO OUR SHARKHOLDERS	If the Porsche AG Group determines that a violation of a human rights or environmental obligation has occurred or is imminent in its own business or at one of its direct supplies, it takes immediate action to prevent or end such violations or to minimize the extent of the violation. If the Porsche AG Group has factual indications of a potential violation of a human rights or environmental obligation by an indirect supplier, the Porsche AG Group exercises the available legal and actual options to take immediate action to prevent or end such violations or to minimize the extent of the violation.
CORPORATE GOVERNANCE
CONEINED MANAGEMENT REPORT	The Executive Board of Porsche AG has delegated the implementation of the obligations arising from the monitoring of the Porsche due diligence with regard to human rights and environmental matters to the Business \& Human Rights Council, which is made up of members from various disciplines and reports directly to the Executive Board.
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	Key performance indicators in accordance with the EU Taxonomy Regulation The EU Taxonomy defines sales revenue, capital expenditure and operating expenditure as the key performance indicators that must be reported. The Porsche AG Group explains these in the following. The tables prescribed by the EU Taxonomy are also included at the end of this section.
General disclosures	The figures for sales revenue, capital expenditure and operating expenditure relate to the fully consolidated companies included in the Porsche AG Group's financial statements.
3 Environment	The financial figures relevant for the Porsche AG Group are based on the IPIIS consolidated financial statements for the fiscal year 2024. By differentiating between economic activities, we have avoided double counting. Where possible, the Porsche AG Group has directly assigned the figures within an economic activity. For example, the financial figures were compiled based on the vehicle model and drive technology. This applies both to the vehicles themselves and to the corresponding financial services and other services and activities. Where this was not possible for capital expenditure and operating expenditure, the figures were broken down using allocation formulas. Allocation formulas were based on the planned vehicle volumes. This data and planning form part of multi-year operational planning covering the next five years, which corresponds to the planning prepared by the Executive Board and presented to the Supervisory Board as of the end of the fiscal year.
Social
Governance
Annex
CONSOLIDATED FINANCIAL
STATEMENTS
FURTHER INTERNATION

SALES REVENUE

Turnover defined in the EU Taxonomy corresponds to sales revenue as reported in the IPIIS consolidated financial statements, which amounted to $640,083 million in the fiscal year 2024. See $\rightarrow$ Notes to the consolidated financial statements - Sales
revenue.

Of this total, $€ 37,969$ million, or $94.7 \%$ of consolidated sales revenue, was attributable to economic activity " 3.3 Manufacture of low-carbon technologies for transport" and classified as taxonomy-eligible. This includes sales revenue after sales deductions from the sale of new and used vehicles, from sales of genuine parts, from the rental and lease business, from interest and similar income as well as sales revenue directly related to vehicles, e.g. workshop and other services.

Taxonomy-eligible sales revenue of $649$ million, or $0.1 \%$ of consolidated sales revenue, was attributable to economic activity " 3.18 Manufacture of automotive and mobility components" and classified as taxonomy-eligible. This includes the sale of engines and powertrants for all-electric vehicles to third parties.

Of the taxonomy-eligible sales revenue attributable to economic activity " 3.3 Manufacture of low-carbon technologies for transport," $68,818$ million, or $23.0 \%$, met the screening criteria used to measure the substantial contribution to climate change mitigation. This includes all of the all -electric vehicles and certain plug-in hybrids, of which 84 thousand vehicles were sold in 2024, 72.6\% more than in the prior year. The increase in sales of taxonomy-eligible vehicles was mainly due to the ramp-up of the recently launched Macon.

In addition, the total taxonomy-eligible sales revenue attributable to economic activity " 3.18 Manufacture of automotive and mobility components" met the screening criteria used to measure the substantial contribution to climate change mitigation.

Taking into account the DASH criteria and the minimum safeguards, $€ 4,816$ million (2023: $€ 5,143$ million) or 12.0\% (2023: 12.7\%) of consolidated sales revenue attributable to economic activity " 3.3 Manufacture of low-carbon technologies for transport" and $649 \mathrm{million}$ or $0.1 \%$ of consolidated sales revenue attributable to economic activity " 3.18 Manufacture of automotive and mobility components" were taxonomy-aligned. The taxonomy-aligned sales revenue of economic activity " 3.3 Manufacture of low-carbon technologies for transport" includes only all-electric vehicle models in the reporting year.

Of the Porsche AG Group's total sales revenue in the fiscal year 2024.

• $€ 36,018$ million (2023: $€ 29,176$ million), or $94.8 \%$ (2023: 96.7\%), was taxonomy-eligible sales revenue - $64,865$ million (2023: $€ 5,243$ million), or 12.1\% (2023: 12.9\%), was taxonomy-aligned sales revenue

EU Taxonomy: sales revenue

| Economic activities | Sales revenue | | Substantial contribution to climate change mitigation | | Compassion with DASH criteria | | Compassion with minimum safeguards | | Taxonomy-aligned sales revenue | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| Economic activities | € million | \% | €million | \% | €/M | €/M | €million | \% | |
| A. Taxonomy-eligible activities | 38,018 | 94.8 | 8,867 | 22.1 | $Y$ | $Y$ | 4,865 | 12.1 | |
| 3.3 Manufacture of low-carbon technologies for transport of which taxonomy-aligned 80\% | 37,969 | 94.7 | 8,818 | 22.0 | $Y$ | $Y$ | 4,816 | 12.0 | |
| 3.18 Manufacture of automotive and mobility components | 49 | 0.1 | 49 | 0.1 | $Y$ | $Y$ | 49 | 0.1 | |
| B. Taxonomy- non-eligible activities | 2,065 | 5.2 | | | | | | | |
| Total ( $N=8$ ) | 40,083 | | | | | | | | |

All percentages relate to the total amount of sales revenue.

CAPITAL EXPERIENCIES

Capital expenditure (Capital) refers to the following items in the IPIIS consolidated financial statements: additions to intangible assets, additions to property, plant and equipment and additions to leased assets. These are presented in $\rightarrow$ Notes to the consolidated financial statements - Intangible assets - Notes to the consolidated financial statements - Property, plant and equipment. $\rightarrow$ Notes to the consolidated financial statements - Leased assets. Additions from business combinations, each of which is reported under "Changes in consolidated group," are also included. By contrast, additions to goodwill are not included in the calculation.

In the fiscal year 2024, additions in the Porsche AG Group as defined above amounted to

• $€ 2,015$ million from intangible assets
• $€ 2,142$ million from property, plant and equipment
• $€ 4,019$ million from leased assets (mainly vehicle-losing business)
  Additions from changes in the consolidated group, which amounted to $649 \mathrm{million}$ in the fiscal year 2024, must also be added to this figure. Total capital expenditure to be included in accordance with the EU Taxonomy therefore came to $€ 8,225$ million.

All capital expenditure is associated with economic activity " 3.3 Manufacture of low-carbon technologies for transport." The taxonomy-eligible capital expenditure for the fiscal year 2024 amounted to $€ 8,225$ million or $100 \%$ of the group's capital expenditure.

To determine the substantial contribution, the financial figures were compiled based on the vehicle model and drive technology, in the same way as for sales revenue. Where possible, capital expenditure was directly attributed to vehicles. It was included if the vehicles in question make a substantial contribution to the climate change mitigation objective. Any capital expenditure directly attributable to vehicles that do not meet the screening criteria was not included. Capital expenditure that was not clearly attributable to a particular vehicle was taken into account on a proportionate basis using allocation formulas. Allocation formulas were used based on the planned all-electric vehicle volumes for the group companies. Depending on the primary business activity, the overarching Porsche AG Group allocation formulas were used for sales companies, for example, and allocation formulas based on the site were used for production companies. Calculated in this way, capital expenditure relating to vehicles that meet the screening criteria for the substantial contribution amounted to $€ 3,609$ million.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)		Working conditions		Promoting secure employment and fair and healthy working conditions		$\square$	$\square$	$\square$
General disclosures		Equal treatment and equal opportunities		Promoting a diverse and inclusive working environment that provides equal treatment and equal opportunities		$\square$	$\square$	$\square$
Environment
3 Social Governance
Governance
Annex		Employees are one of the four most important stakeholders in the Porsche AG Group alongside the customers, society and investors.		The positive impact of these aspects within the Porsche AG Group's business activities is firmly anchored in the $\rightarrow$ Porsche Group, OOH Pro, which names employees as one of the four most important target groups.
CONSOLIDATED FINANCIAL STATEMENTS		The Porsche AG Group wants to remain an attractive employer in the future. Therefore, this goal is embedded deeply in its HR strategy. For the Porsche AG Group, this primarily means always having employees in mind when making business decisions and embracing its responsibility as an employer.		The management of impacts related to working conditions is described in the section of the same name in $\rightarrow$ Togger.
FURTHER INTERNATIONAL

The management of impacts in the area of equal treatment and equal opportunities is described in the section of the same name in $\rightarrow$ Togger.

CHARACTERISTICS OF THE AFFECTED EMPLOYERS

The behavior of the Porsche AG Group has a direct impact on its own workforce, which includes both selected employees who are in a direct employment relationship with Porsche AG Group companies and non-employees.

The core permanent workforce of the Porsche AG Group includes full-time and part-time employees on permanent and temporary contracts.

Non-employees, e.g. temporary workers, are employed at Porsche AG and selected group companies temporarily. In various areas of the company, they perform similar work to that of permanent employees over varying periods.

Legislation, collective bargaining agreements and internal rules are in place at Porsche AG and selected group companies to regulate the use of temporary workers, ensuring that they also have uniform standards of working conditions and remuneration.

The Porsche AG Group has a framework in place to ensure that employees under contracts for work and services are also treated in a legally compliant way. More information about this is available in $\rightarrow$ Pudicas related to working conditions.

MASS ASSIST OF THE WORKFIDGES

The interests and views of the company's own workforce relating to working conditions and employee matters are incorporated into the decisions and actions of Porsche AG and selected group companies. This is done directly or by involving employee representatives through various channels and processes.

Employee representatives are critical for including the interests of employees. Porsche AG's main site is in Germany, which means it is required under the German Works Constitution Act (BetriO) to engage in corporate codetermination. This Act regulates matters subject to codemrination, which specify when and to what extent employee representatives must be involved in the decisions of Porsche AG and selected group companies.

Corporate codetermination and a constructive, cooperative dialog between the employer and employee representatives are a key part of corporate culture. Porsche AG has a long tradition of open, trusting cooperation and always strives to balance the interests of both sides fairly. This position is codified in the binding Code of Conduct, which applies to the entire Porsche AG Group. More information can be found in $\rightarrow$ Pudicas.
Respect for human rights is enshrined in the Porsche AG Group's Code of Conduct and its global declaration of intent to observe and promote human rights. Both documents were adopted together with the employee representatives. Moreover, protection of (fundamental) rights is safeguarded by compliance with the legal, collectively bargained and company regulations set out in the policies. More information can be found in $\rightarrow$ Pudicas.

Employee involvement via elected representatives on the

Supervisory Board, works council and committees Various formats and tools for employee involvement are used to incorporate employee interests into decision-making structures and decisions, mainly by involving the representatives elected by and from the employees.

The works councils elected by the employees ensure that the interests and perspectives of the employees are represented in the company's decision-making, for example, works councils are involved in negotiating company agreements, which means that they can directly influence company rules and regulations, such as those relating to social and fringe benefits, working hours or occupational health and safety.

The works councils of Porsche AG and selected group companies maintain numerous committees and working groups, some of which have equal numbers of employee and employee representatives, who deal with various operational topics and are therefore involved in meetings, consultations and negotiations with company representatives several times a year.

Porsche AG also has works councils represented in its Executive Board Occupational Health and Safety Conference.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \uparrow$	The Economic Committee of Porsche AD meets regularly to discuss the company's business matters with the employee representatives several times a year. Members of the Executive Board of Porsche AD are also present at these meetings.
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMPRESED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continual Management Report)	The member of the Executive Board responsible for Human Resources and Social Affairs, who holds the position of Labor Director, oversees personnel and social matters and therefore also for corporate codetermination at Porsche AD. The Principles and Labor Relations department serves as a central interface to the works council and is also organizationally assigned to this Executive Board portfolio. Through this responsibility, the concerns and toasta of the employee representatives are communicated directly to the Executive Board of Porsche AD, thus ensuring compliance with corporate codetermination rules. At group companies with elected employee representatives, others, such as the management or the head of HR, take responsibility for the Labor Director's codetermination-related tasks.
General disclosures	Operational staff at Porsche AD, e.g. the HR department, are trained as needed on the basics of codetermination.
Environment	Internal communication and employee surveys
- Social and	The Poncehe AD workforce is informed about current events at regular company meetings. In accordance with national laws, employees and their elected representatives are notified punctually and comprehensively of any important operational and organizational changes.

The representatives body for severely disabled employees also offers support and advise in all matters relating to working life and represents the interests of employees in HR actions. Regular meetings are held with the representative body for severely disabled employees to identify needs relating to inclusion, which are then implemented in projects after they have gone through the appropriate review procedures. The Porsche AD Group strives to create an inclusive working environment with equal treatment and equal opportunities for persons with disabilities.

Porsche AD has also set up a Construction Committee, which is responsible for participating and ensuring codetermination in construction projects as well as designing workplaces, work processes and the working environment in a way that ensures that the needs of all employees are taken into account.

COMPLAINTS PROCESS AND HENCOAL ACTION

Adherence to statutory requirements, internal company policies and the Code of Conduct has almost priority in the Porsche AD Group. To counteract potential risks of compliance violations at or early stage, the Porsche AD Group has set up a establishment system that employees of the Porsche AD Group and external third parties can use to report actual or potential rule violations. More information about this can be found in

FURTHER INFORMATION

Internal communication and employee surveys

The Porsche AD workforce is informed about current events at regular company meetings. In accordance with national laws, employees and their elected representatives are notified punctually and comprehensively of any important operational and organizational changes.

Departmental meetings, information events for employees, specialized focus weeks and digital events are also used for internal communication purposes. Formats like these help employees voice their concerns and speak directly with the experts.

The "Porsche Pub" employee survey is usually conducted once a year to collect feedback from the workforce about the company and its activities. More information can be found in

• Notices related to working conditions. The results of the survey can be used to gain insights into employee satisfaction, information on work-life balance and how employees are coping with the workload. If needed, the response rate to the employee survey can also be used to draw conclusions about how effective such surveys are.

The statutory requirements stipulate that Porsche AD and selected group companies bear the costs of codetermination. These mainly include costs for works council elections, administrative costs, e.g. equipment for the works council, but also training and external consultations. In addition to the legal requirements, Porsche AD has also established a central works council function alongside the Principles and Labor Relations department.

Formats to consider special needs

To take into account the needs of all employees who may be particularly vulnerable to negative impacts and those who may be mediumlized, Porsche AD and selected group companies are in constant contact with company doctors, the representative bodies for severely disabled employees and, where they exist, the diversity networks. This aims to ensure as best as possible the health and well-being of pregnant people, persons with disabilities or health restrictions and minorities.

The representative body for severely disabled employees also offers support and advise in all matters relating to working life and represents the interests of employees in HR actions. Regular meetings are held with the representative body for severely disabled employees to identify needs relating to inclusion, which are then implemented in projects after they have gone through the appropriate review procedures. The Porsche AD Group strives to create an inclusive working environment with equal treatment and equal opportunities for persons with disabilities.

Porsche AD has also set up a Construction Committee, which is responsible for participating and ensuring codetermination in construction projects as well as designing workplaces, work processes and the working environment in a way that ensures that the needs of all employees are taken into account.

COMPLAINTS PROCESS AND HENCOAL ACTION

Adherence to statutory requirements, internal company policies and the Code of Conduct has almost priority in the Porsche AD Group. To counteract potential risks of compliance violations at or early stage, the Porsche AD Group has set up a establishment system that employees of the Porsche AD Group and external third parties can use to report actual or potential rule violations. More information about this can be found in

• 61 Business analysis

Furthermore, Porsche AD has set up a company complaints desk known as "ADD" [the German abbreviation for the General Equal Treatment Act] to which employees can turn to potential cases of discrimination or to which they can submit a specific complaint. This reporting channel is open to any employees, trainees, interns, applicants and, under certain conditions, former employees.

Complaints received are treated in the strictest confidence, access and viewing rights for complaints received are strictly limited to only a few employees on a need-to-know basis. Once a complaint has been filed, the ADD company complaints desk checks whether discrimination is present based on grounds for discrimination. If the complaint is justified, the necessary labor law or disciplinary actions are initiated immediately on a case-by-case basis.

If employees feel they are being discriminated against, they can always turn to their managers. Alternatively, they can contact the HR department, the social counseling service, the works council or the representative body for severely disabled employees.

Porsche AD operates a multi-stage BHR [Business and Human Rights] complaints procedure, which is defined in the Group Business and Human Rights Policy. More information about this can be found in - Notices, - 62 Business in the other than the ADMhemal communities.

Occupational health and safety
The Porsche AG Group has a special responsibility to protect its employees and to create a safe and healthy working environment.

Combined with a highly integrated occupational health and safety management system, the health and safety policy "Given by Safety and Health" is designed to ensure standardized procedures and compliance with legal requirements. The Porsche AG Group aims to avoid accidents at work, physical and mental overloads, and work-related illnesses whenever possible.

The target of sustainable occupational health and safety is to provide employees with a safe and healthy workplace at all times so that unsafe conditions and situations can be avoided.

Therefore, the actions of every manager and employee are guided by the principle of safety to avoid accidents or other health risks from the outset, if possible. An organized and structured occupational health and safety management system should ensure the implementation of local legal requirements and help to prevent accidents at work, occupational illnesses and work-related health hazards, contributing to promoting the health and safety of all employees at the Porsche AG Group.

In addition to occupational safety, preventive health management is material for health in the workplace. Employees of Porsche AG and selected group companies can visit company doctors for advice on health and performance and make use of numerous offers for promoting health in the workplace.

More information about how occupational health and safety is implemented can be found below in $\cdot$ Policies

Working hours and work-life balance
Where possible, Porsche AG and selected group companies consider the individual needs of the workforce and promote flexible working options regarding workplace and working hours. Further options at Porsche AG and selected group companies range from flexible working hours aligned to the employee's current phase of life and diverse part-time options or a wide range of flexible policies, such as during parental leave and sabbaticals. In doing so, Porsche AG and selected group companies can give employees a high degree of flexibility.

Employees of Porsche AG and the German group companies are legally entitled to up to three years of parental leave per child so they can care for and raise their children. It is important to Porsche AG to be able to keep in touch with its employees who are away on parental leave. This is why it does them voluntary parental leave meetings to give them the opportunity to network and exchange ideas with other parents.

$\equiv \mathrm{Q} \longleftarrow \longrightarrow \longleftarrow$	In the reporting year, the occupational safety campaign focused on personal protective equipment, while the health protection campaign focused on addiction, providing knowledge and support options for those personally affected.
MAGAZINE	MEASUREMENT OF WORKPLACE ACCIDENTS AND TRACKING METRICES FOR MONITORING OCCUPATIONAL HEALTH AND SAFETY
TO OUR SHARKHOLDERS	To ensure a safe working environment, indicators related to occupational health and safety are continuously recorded, monitored and improved at Porsche AG and selected group companies. Porsche AG measures the occurrence of workplace accidents in all organizational units with the "occupational accident index" and reports them internally each month. Other indicators include the number of accidents at work, the index of visits to the accident insurance doctor, the number of cases with the accident insurance doctor, the number of first aid cases, the number of days lost, etc.
CORPORATE GOVERNANCE	Porsche AG and selected group companies use software to help document, process and analyze accidents to ensure that they are processed as quickly and transparently as possible. Automated reminder and escalation functions ensure that actions are implemented in good time. The procedure is also defined in process and work instructions: after an accident is reported, a manager performs an accident assessment with the support of an occupational health and safety officer. This serves to define immediate and corrective measures to tackle the cause of the accident.
NON-FINANCIAL STATEMENT (part of the Continual Management Report)	The action covers all sites of Porsche AG and selected group companies and was carried out continuously throughout the reporting year.
General disclosures	Health management actions
Environment	Aside from safety, employees and managers receive occupational health services. The company doctors at Porsche AG and Porsche Leipzig GmbH advise employees on health and physical fitness, offer preventive examinations and assess the results of these examinations.
	They support the return of employees to the workplace after an extended illness as part of the occupational reintegration management system. Porsche AG's Health Management department also provides social counseling for people with psychosocial strain and support for those in difficult life situations. The counseling service is available to the whole workforce at Porsche AG and selected group companies.
MASSUREMENT OF WORKPLACE ACCIDENTS AND TRACKING METRICES FOR MONITORING OCCUPATIONAL HEALTH AND SAFETY	Additionally, its scope of services includes a wide range of occupational health promotion services. These include the "Porsche Check-up" (a regular health-check for employees), vaccinations, courses on nutrition, stress management and exercise for employees of Porsche AG.
To ensure a safe working environment, indicators related to occupational health and safety are continuously recorded, monitored and improved at Porsche AG and selected group companies, so it supports to employees with a wide variety of actions and options.	The Porsche AG Group has a holistic view of employee health, which is defined as part of health management and is also reflected in the approach and actions taken to maintain and improve mental health. In addition to the systematic assessment of stress factors at work, Health Management helps departments to improve stress levels. Employees can take the "Porsche Check-up" regularly, a preventive examination that also takes mental well-being into account. Affected employees can contact the social counseling service or the company doctors to find the help they need. External cooperation partners provide support for early treatment of mental illnesses. A wide range of presentations and webinars for managers and employees rounds off the comprehensive program. Following a successful campaign to raise awareness about mental health in 2023, the related annual campaign "Understanding and avoiding addiction" was carried out in 2024.
situations, courses and a specific and other activities in the reporting year, were carried out continuously throughout the reporting year.	Actions for preventive health management are offered at all sites of Porsche AG and selected group companies and were carried out continuously throughout the reporting year.

Actives related to working hours as well as work-life balance Flexibility in working hours, where possible, and work-life balance are tremendously important to Porsche AG and selected group companies, so it supports to employees with a wide variety of actions and options.

These relating to working hours range from flexible working hours aligned to the employee's current phase of life and diverse part-time options to a wide range of lifetime policies, such as during parental leave and sabbaticals.

CHILDCARE

Porsche AG and selected group companies have various offers to help their employees who are parents. For example, local cooperation partners ensure that children places are available in kindergartens close to individual Porsche AG sites. In emergencies, additional childcare places are also available at daycare centers in Stuttgart. Under certain conditions, parents can also bring their children to work at Porsche AG for a few hours. In the summer, the children of employees can attend summer day camp organized by Porsche AG that runs throughout the holidays. This offer is also open to children with disabilities.

In the reporting year, work began at the Stuttgart-Zuffenhausen site on the construction of an in-house nursery with up to 80 childcare places for employees' children, which is scheduled to open in fall 2025.

FAMILY SERVICE

With its family service, Porsche AG offers extensive, free and individually tailored advice and support on all aspects of family life-in particular, for expecting parents and employees caring for relatives. Family service is an initiative to improve positive impacts on the workforce.

OAB FOR RELATIVES
In addition to the statutory care leave in Germany, Porsche AG and selected group companies offer "Porsche Care Leave," which, when various criteria are met, enables permanent employees with at least six months of service to care for close relatives for up to three months and continue to receive part of their salary.

The initiative to improve positive impacts covers Porsche AG and selected group companies and was offered continuously throughout the reporting year.

Actives to increase employee satisfaction and employer attractiveness EMPLOYER BRANDING
The Porsche AG Group wants to remain a highly attractive employer in the future. Consequently, one of the four overriding objectives of the Porsche Strategy 2030 is "Be the top employer of choice." To achieve this, it continuously measures employer attractiveness and draws up corresponding actions for potential improvement. The Porsche AG Group uses external surveys such as the employer rankings from Tondense and Universum, the employer evaluation platforms kururus and Glassdoor as well as internal surveys such as the "Porsche Fub" or applicant surveys. Developments are shared at the Executive Board level and reported on in annual target reviews.

In the reporting year, Porsche AG refined its general image as an employer through the "Porsche Dream Job" employer branding initiative launched last year and set new priorities to address profiles with high strategic relevance in the growing labor market. Porsche AG used specific communication formats for this, such as the "Faces behind" social media series.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$
MAGAZINE
TO OUR EHARKHOLIZERS
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continual Management Report)
General disclosures
Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFERMATION

COOPERATION WITH UNIVERSITIES AND SCHOOLS To attract talented young people to its employer brand at an early stage, Porsche AG works with universities and target groups of students, including the young-or-engineering student competition "Formula Student Germans," in the area of student marketing, the Ferry Porsche Award was presented to over 180 outstanding schoolchildren in Baden-Württemberg in 2024. In cooperation with the Ministry of Culture, Youth and Sport in Baden-Württemberg, Porsche AG presents this award to talented young people who excel in the field of mathematics, physics and technology.

POBISCHE PULS* EMPLOYEE SURVEY Porsche AG regularly reviews the further development of the corporate culture and the management culture. Since 2023, Porsche AG has an annual employee survey called "Porsche Puls," which is specifically tailored to the Porsche AG Group and includes questions about teamwork, employee engagement and strategic issues such as sustainability and diversity in order to gain a picture of employee satisfaction.

In addition to Porsche AG, 29 German and international group companies also participated in the survey in the reporting year. At Porsche AG, it was completed by 19,407 employees. This puts the participation rate at Porsche AG at around $86 \%$ (2023: $87 \%$ ). Porsche AG's overall index in the "Porsche Puls" was 75.4 out of 100 in the reporting year, up 0.6 points on the prior year. The overall index for the Porsche AG Group was 74.8 out of 100 in the reporting year. In the "Porsche Puls" survey for 2024, the question about integrity was given an index score of 70.4 out of 100.

The results of the employee survey are used to identify actions to promote employee satisfaction at various levels of the organization.

TABOTS
With the following qualitative and quantitative targets, the Porsche AG Group is working in collaboration with the relevant internal experts to guarantee the provision of secure employment and fair and healthy working conditions.

Targets related to occupational health and safety
The Porsche AG Group has drafted a conceptual target for occupational health and safety that is enshrined in its occupational health and safety policy and defines the long-term vision of Porsche AG for occupational health and safety.

Porsche AG and selected group companies define annual targets in order to continuously improve health and safety in the workplace. Progress in achieving the targets is reported quarterly to the occupational safety committee.

The Porsche AG Group has set itself the target of ensuring that all vehicle production sites meet the standards of the ISO 45001 for occupational health and safety management systems.

The vehicle production sites of Porsche AG and Porsche Leipzig GmbH were certified, recentlyed or recommended for certification in the reporting year. This corresponds to an ISO 45001 certification coverage rate of 23.9\% of employees at the vehicle production sites of the Porsche AG Group. In addition to the vehicle production sites, the Neudö Technical Center was also recentlyed to ISO 45001 in 2024, resulting in a group-wide coverage rate of 12.3\%.

Targets related to employer attractiveness
Porsche AG has set itself the target of being among the top three employees in the Trendence and Universum rankings by 2030. This is measured by the average ranking in the target groups of students and experienced professionals in the fields of business, engineering and IT. This corresponds to a total of twelve data points. In the defined base year 2024, the average ranking was 3.64 .

METRICS

Metrics on working conditions

CHARACTERISTICS OF EMPLOYESS AND ADEGLIATE WALES The Porsche AG Group defines "employers" as anyone with an active employment contract involved in the Porsche AG Group's value chain. This includes members of top management as well as those in the passive phase of their partial retirement and trainees, but does not include inactive employment relationships, e.g. employees on parental leave, interns, working students, bachelor's, master's and PhD students.

The Porsche AG Group has a total of 42,615 employees across all regions. - Employees broken down by region and type of employment in the Porsche AG Group. - Employees in the Porsche AG Group by gender

More information about the employees of the Porsche AG Group can be found in the consolidated financial statements. - Notes to the consolidated financial statements. - Perceived expenses. - Notes to the consolidated financial statements. - Average number of employees during the year

In the reporting year, 1,782 employees left the Porsche AG Group, corresponding to a turnover rate of 4.2\%. At the time of reporting, there had been no mass layoffs or large-

Employees broken down by region and type of employment in the Porsche AG Group as of December 31, 2024

Total result	Germany	Europe (unfitted Germany)	North America and Mexico	Other (unfitted Europe)	Germany Europe	Europe
Total employees	34,741	3,182	1,087	949	656	42,615
Permanent employees	30,607	2,574	1,080	939	642	40,645
Temporary employees	1,134	808	4	10	15	1,970
Non-government/hours employees
Full-time employees	33,824	3,001	1,051	943	630	39,463
Part-time employees	2,917	181	26	2	26	3,152

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

$\equiv \mathrm{Q} \longleftarrow \rightarrow \longleftarrow$	As an additional pledge of their commitment, Porsche AG and selected group companies have signed the German Diversity Charter, a voluntary commitment for German businesses, since 2019. The group companies are thus committed to a diverse and non-discriminatory working environment and ensure that all employees - regardless of age, ethnic origin and nationality, gender and gender identity, physical and mental abilities, religion and ideology, sexual orientation and social background - are valued. The Charter is publicly available.
CORPORATE GOVERNANCE	The Porsche AG Group's guidelines regarding human rights, diversity, equal treatment and opportunities in its own workforce are set out as fundamental values in the Code of Conduct. Further information about this can be found in 1) Business conduct. The Code of Conduct prohibits any kind of discrimination on grounds of ethnic or national origin, gender, religion, ideology, age, disability, sexual orientation, skin color, political opinion, social origin or other legally protected dimensions. It also promotes inclusion.
CONDINED HARAGERENT REPORT	A key potential success factor for the implementation of diversity and equal opportunities is creating group-wide awareness of how important these are and what added value they bring to Porsche AG. Each group company must appoint at least one local contact person to whom employees can turn
NON-FIRAMOIAL STATISM	Everyone must adhere to the rules on equal treatment and opportunities for all set out in the Code of Conduct, which also refers to internal and external reporting channels for potential breeches of the rules.
(part of the Continual Management Report)
General disclosures	To promptly identify and counter possible breeches of equal treatment and equal opportunities for all within the company's own workforce, the availability of channels for employee
Environment	overworkers, the availability of channels for employee
) Social
Governance	Everyone must adhere to the rules on equal treatment and opportunities for all set out in the Code of Conduct, which also
Annex	refers to internal and external reporting channels for potential breeches of the rules.

MAGAZINE

TO OUR SHAREHOLDERS

CORPORATE GOVERNANCE

COMPETITIONAL DIVERSITY COMMUNITY

NON-FIRAMOIAL

CONSOLIDATIO

FURTHER INFERMATION

FURTHER INTERNATION

FURTHER INTERNATION

FU

FU

FURTHER INTERNATION

Equol opportunities for all and promoting diversity are also cornerstones in the Porsche Code leadership model. The Porsche Code was developed as a way to build on Porsche AG's cultural mission statement and supplements the four core values-passion, pioneering spirit, sportiness, one family-with additional dimensions and behaviors. The Porsche Code provides all employees and managers of Porsche AG with a framework for their daily interactions and is also implemented in selected group companies of the Porsche AG Group. Employees can find the Porsche Code on the intranet.

The Group HR Compliance Policy regulates responsibilities, tasks and targets with regard to compliance with legal provisions and internal company policies in the strategic and operational HR work of the Porsche AG Group. It also sets minimum standards for promoting and developing compliance and integrity, including equal opportunity processes and the fostering of diversity in a working environment free of prejudice.

The regulations of the policy are aimed at the responsible bodies in the affected group companies and certain recommendations for implementing specified minimum standards. These regulations apply directly within Porsche AG. i.e. managers and supervisors must ensure that employees are aware of and comply with this policy, taking locally applicable legal, collective and company regulations into account. The Member of the Executive Board responsible for Human Resources and Social Affairs holds overall responsibility for the topic of HR compliance. Operational implementation is managed by the HR departments. The policy is available on the intranet.

The Group Labor and Social Security Law Policy aims to ensure that existing labor and social security law regulations, including the German General Equal Treatment Act (GGO), are implemented within the Porsche AG Group in accordance with the law. The policy defines responsibilities, tasks and targets with regard to legal advice in the area of labor and social security law and requires all group companies to set up a complaints management system for discrimination cases in accordance with national legal requirements.

The regulations of the policy contain recommendations for implementing specified minimum standards in the affected group companies. These regulations apply directly within Porsche AG. i.e. managers and supervisors must ensure that employees are aware of and comply with this policy. The policy is available on the intranet.

In order to verify all control activities at department, division and group company level, each group policy contains a control matrix that is coordinated with the general Risk Management department. The control matrix summarizes all necessary control activities and aims to ensure effective monitoring of business processes.

ACTIONS

Promoting diversity and equal opportunities is important to the Porsche AG Group. Besides equal opportunities between the genders, the focus is on the diversity of the international workforce. The Porsche AG Group values openness toward people of different origins and sexual orientations and encourages harmonious, productive cooperation between generations, regardless of whether people have a disability.

The Porsche AG Group derives actions from these fields of action, which were implemented continuously and in the reporting year. On an ongoing basis, the status quo of each action is documented, recorded and regularly discussed with top management.

Actions to promote diversity and combat discrimination AWARENESS-AWARING AND TRAMANI ON DIVERSITY AND EQUAL OPPORTUNITIES Porsche AG's Culture, Diversity and HR Communication department offers employee training activities to raise awareness and increase knowledge about diversity and equal opportunities across all hierarchical levels. Alongside training for employees, these also include mandatory training for newly appointed line managers and for employees who have recently joined management.

COMMUNICATION AND AWARENESS-RADING ON DISCRININATION
Porsche AG regularly informs employees about how the company complaints deal. GGO' (the German abbreviation for the General Equal Treatment Act) works at events such as those on International Women's Day.

Porsche AG also offered a new digital learning module in the reporting year to raise awareness of (sub)conceivs discrimination, highlighting different forms of discrimination so that they can be effectively avoided.

EXPANSION OF DIVERSITY NETWORKS AND THE INTERNATIONAL DIVERSITY COMMUNITY Porsche AG also expanded its National and International Diversity Community further in the reporting year. This forum is not by group companies of the Porsche AG Group and their diversity managers around the world and provides tools and ideas for putting diversity into practice.

To promote diversity and equal opportunities, the Porsche AG Group also relies on its internal networks and supports their expansion. Diversity networks are key building blocks for giving visibility to underrepresented views and thus promoting equal opportunities. The diversity networks handbook, which provides support from 2021, allows for the creation of employee networks across protected diversity characteristics and defines corresponding framework conditions.

The Porsche women's network ShelfPorsche has been an established platform for exchanging experiences across departments since 2019. It offers several dialog formats and varied methods of support, e.g. peer counseling, impetus for self-empowerment and insights into the day-to-day working life. This aims to enable better visibility for women at Porsche AG, their closer networking se well as taking female viewpoints into account. In the reporting year, the Member of the Executive Board responsible for Human Resources and Social Affairs took part in an event held to celebrate International Women's Day with lectures and panel discussions.

The Proad@Porsche network for representatives, supporters and interested parties of the "sexual orientation and identity diversity dimension has also been an integral part of the Porsche AG culture since 2019. It stands up for the concerns of people of all sexual orientations within and outside Porsche AG For the third time in the reporting year, Proad@Porsche together with representatives of Porsche AG and group companies took part in the Christopher Street Day parade in Stuttgart.

The aim of the fattenn' network Vileo@Porsche (Fattenv)@Porsche is to promote an understanding of the modern father's role, make the needs of fathers in Porsche AG visible and provide a contact point and platform to exchange experiences. Founded in 2023, the network held its first joint event to introduce itself within Porsche AG in the reporting year.

The "Cultures@Porsche" network has been promoting the exchange of international experiences and bringing different perspectives together at Porsche AG since 2023.

The various diversity networks within the Porsche AG Group
received positive feedback in the reporting year. A total of 2,780 employees were engaged or involved in the diversity networks.

DIVERGITY DAYS
In a therned week around German Diversity Day in June 2024, Porsche AG highlighted the importance of diversity for joint success and offered numerous formats to promote respect, tolerance and understanding of diversity. There were presentations, ideas, podcasts and opportunities for discussion.

PERSONE DIVERSITY PERFORMANCE AWARD
In the reporting year, Porsche AG launched the Porsche Diversity Performance Award, which recognizes initiatives and individuals who demonstrate an exceptional commitment to diversity in the workplace and an inclusive corporate culture. The aim is to give more visibility to the topic of diversity and those committed to it. Selected projects and role models were awarded the prize in the fall of the reporting year. The award is to be presented at regular intervals in the future.

DIVERSITY TODLECK
In the reporting year, a diversity toolbox also helped managers at Porsche AG stand up for diversity and equal opportunities in their day-to-day work and management routines. The toolbox provides a range of actions, tools and ideas to enable users to experience the diversity in all dimensions and to question traditional ways of thinking and behavior.

HORCON
The digital "Horizon" platform provides an overview of the diversity of Porsche AG's workforce. Metrics on gender diversity, personal capabilities (severe disability), interpersonality and generations are evaluated annually by the main company departments.

DIVERSITY CHECK
The diversity check is a new dialog format that was designed and piloted in the reporting year and is to be carried out regularly in the main departments of Porsche AG from 2025 Challenges are to be identified and individual solutions developed by collecting and presenting diversity key figures and results in the organizational units. The aim is to strengthen diversity and establish an inclusive management culture.

MENTORING
Porsche Mentoring is a format for a comprehensive exchange of experiences and changing views on both sides. A matching platform brings together employees with less professional experience with those with more professional experience. This platform aims to promote exchanges of intergenerational experiences and create a greater level of mutual understanding. A pilot project on women's mentoring was carried out in the reporting year. Female mentees are paired with an experienced female manager to support their individual development within the company. The mentoring program is open to employees of Porsche AG and selected group companies worldwide and was continued in the reporting year. In its sixth year, 21% mentoring
tandems actively participated in the mentoring format.

Actions related to equal treatment and equal opportunities
WELLGREN
Porsche AG launched a project on accessibility in 2023. The first step here is to analyze structural and digital accessibility to their derive actions that should be implemented and integrated into processes and standards.

The construction actions cover both Porsche AG sites in Stuttgart-Zuffenhausen and Weissach.

INCREASING THE PROPORTION OF WOMEN IN MANAGEMENT Porsche AG has set itself the goal of ensuring a more balanced gender ratio in the overall workforce and increasing the proportion of women in the first and second management levels (see also 4 teams). To increase the proportion of women in management beyond these targets, Porsche AG implemented a project on the proportion of women in management in the reporting year. The aim is to analyze the challenges involved in increasing the proportion of women in management in more detail and develop actions accordingly.

Numerous managers are taking part in the extensive project, the Executive Board members were also actively involved. Internal communication to raise awareness further started in 2023, while implementation of most actions commenced in the reporting year.

For example, the Porsche Women's Leadership (PWL) program was launched to network female managers and high-potential female employees within Porsche AG and selected group companies. The women's mentoring pilot project was also carried out within this program.

Actions related to employee skills development and social transformation
As part of the strategic skills management system initiated in 2019, the specific and generic development needs from Porsche AG's specialist departments are collected annually by representatives from the respective departments. These are also consolidated in a roadmap that covers the entire range of strategic skills at Porsche AG in the short-, medium- and longterm. Annual reskilling and upskilling programs can thus be targeted to strategically relevant fields of activity.

WORKTOB'S TRANSFORMATION INITIATIVE
Launched in 2021, the Porsche Workforce Transformation initiative actively manages the impacts of change within Porsche AG. The initiative aims to make the impacts of the transformation transparent for the company's own workforce, among other things. Future changes are depicted on transformation roadmaps and strategic HR planning is carried out to anticipate and respond to necessary changes in the workforce at an early stage. This enables employees to receive targeted support when developing their skills for new tasks. Porsche AG employees affected by job cuts are given advice and support when searching for new tasks and developing the necessary skills.

A central budget is available for further training as part of the transformation and for building and developing relevant skills in upskilling and reskilling actions.

Both the employer and the employees are driving forward the transformation of the workforce. A general works agreement for Porsche AG was agreed as a first step to pilot various actions, which, after a one-year pilot phase, was extended indefinitely and is to apply permanently. The agreement regulates, among other things, tools for encouraging employee changes, promotions and further development.

KEY TODLS AND OFFORINGS OF PORISINE AG IN THE
SEPRILING YEAR
Various offerings are available for employees of the Porsche AG Group to qualify for specific future roles and develop on a personal level.

In the reporting year, Porsche AG expanded and continued the following offerings at selected group companies, allowing employees to qualify and develop as individually as possible.

In the reporting year, new reskilling and upskilling programs were launched in the areas of IT and automation planning, HV systems, data and artificial intelligence, automotive software, advanced driver assistance systems and autonomous driving. To address specific existing bottleneck clusters, two reskilling programs were set up in the reporting year. With a program tailored to the individual requirements and needs of Porsche AG, these programs aim to ensure that vacancies in much-resided areas of activity can be filled internally Participants do not need to already have the necessary skills and knowledge; these are developed over a defined period during the program. The programs offer a close integration of theory (sticks universities and research) and practice (Porsche AG content). Additionally, participants are supported in their individual learning process and thus also receive another new set of skills and tools.

$\equiv \mathrm{Q} \longleftarrow \longrightarrow \longleftarrow$	They also specifically promote interdisciplinary skills such as a growth mindset, learnability and self-leadership. This is funded by a corresponding central budget, which can be used for extensive qualification requirements of employee groups and for individual transformation training.
MAGAZINE	In the reporting year, most interdisciplinary training courses were bundled at a system house provider, thus enabling more effective and efficient processes. The offer was linked to Porsche AG's digital Learning Experience Platform (LXP).
TO OUR DIAGREHOLDERS	Porsche AG's other offerings in the reporting year included qualification and development meetings for all employees covered by a collective bargaining agreement, work shadowing in other company departments, the digital learning plan for personal development through self-study, the Porsche Digital Academy for developing and expanding digital skills, language training as well as new formats at the Porsche Learning Lab in Stuttgart-Cuffenhausen and Weissach.
CORPORATE GOVERNANCE	In the reporting year, Porsche AG increasingly introduced team formats where learning from each other is the focus. Examples of this are the Porsche Learning Lab workshops, such as the "Teamborder" workshop for jointly developing new skills or the "Wickerdenker" (Work ahead) workshop for sharing knowledge. LSM3 employees took part in the formats in the reporting year.
CONSOLIDATED FINANCIAL STATEMENTS	DIGITAL LEARNING PLATFORM
FURTHER INFORMATION	The Learning Experience Platform (LXP) was rolled out for the Porsche AG workforce in 2023. The LXP bundles various learning formats, learning spaces and tools. It guides employees and managers through the range of offers with an ill-supported search engine. It searches internal and external learning platforms and bundles any sources for an employee's individual training and development. Specialists can also prepare and individually adjust their learner journeys.
	In the reporting year, the LXP user group was expanded from Porsche AG to include selected group companies.
	MANAGEMENT AND TALERT DISOLUPIMENT
	In the reporting year, Porsche AG further expanded its measures to promote individual leadership and management skills and supplemented these with various qualification programs at all levels-from high-potential employees under collective bargaining agreements to top managers. The goal of the Porsche management programs is to qualify leaders in the areas of strategy and leadership and also to provide participants with networking opportunities within the Porsche AG Group. Examples include the qualification program for newly appointed managers ("MR program"), which was extended to international participants from the Porsche AG Group in the reporting year or the successful continuation of two module programs for senior and top management. Both programs aim to provide participants with ideas about future-oriented skills and what strategic direction to take their departments in.
	The offering on current technology topics, such as artificial intelligence, was also expanded in the reporting year and a training program was developed for managers who have been in their position for a longer period. Special attention was paid to anchoring and communicating the defined leadership criteria. There was also another Leadership Lab with over 1,400 participants held in the reporting year, a face-to-face event for all line managers to strengthen the leadership culture.
The continuous development and identification of talent from employees covered by collective bargaining agreements was also a priority in the reporting year, primarily through the design and introduction of a new development centre. The focuses on high-potential employees at the upper pay levels of the collective bargaining agreement, giving them early orientation for the choice of personal career path and using this to determine suitable development actions.	The continues development and talentification of talent from employees covered by collective bargaining agreements was also a priority in the reporting year, primarily through the design and introduction of a new development centre. This has the done through international secondments or through exchange and networking in internationally oriented qualification programs.
The actions are aimed at managers and high potentials at Porsche AG and selected group companies. They were carried out as needed during the reporting year.	In the reporting year, employees from Porsche AG and German group companies were seconded to a total of 23 different countries. Various projects were also launched in the area of secondments and principles aimed at increasing the success of assignments and subsequent reintegration and intensifying the knowledge transfer between expats and the home company.

The offening
A global presence and internalizing mindset are strategically important for the Porsche AG Group to meet the requirements of an increasingly interconnected world. In terms of management and talent development, the strategy aims to promote the exchange of knowledge and culture by allowing qualified employees to gather international experience. This can be done through international secondments or through exchange and networking in internationally oriented qualification programs.

In the reporting year, employees from Porsche AG and German group companies were seconded to a total of 23 different countries. Various projects were also launched in the area of secondments and principles aimed at increasing the success of assignments and subsequent reintegration and intensifying the knowledge transfer between expats and the home company.

TABENTS
With the following qualitative and quantitative targets, the Porsche AG Group is working in collaboration with the relevant internal experts to ensure a diverse and inclusive working environment that offers equal treatment and opportunities.

Targets related to equal treatment and opportunities
INCREASING THE PROPORTION OF WOMEN IN MANAGEMENT Porsche AG aims to further increase its diversity by 2030 and therefore wants to create an environment that promotes the individuality of every single employee and appropriate all views. To achieve this, Porsche AG relies on cooperation in mixed teams that combine different perspectives.

One criterion for this is meeting the statutory gender quota. By 2025, it aims to have a 30\% share of women at the first management level below the Executive Board and 18\% at the second management level. The target was adopted by the entire Executive Board back in 2021 and has been communicated publicly over since.

In the reporting year, the statutory gender quota increased to $22 \%(2023,25 \%)$ at the first management level and $18.8 \%$ $(2023,17.3 \%)$ at the second management level, thus meeting the targets for 2024.

The $\rightarrow$ heiose platform is used to track the proportion of women in management positions constantly and continuously.

| $\equiv \mathrm{Q} \longleftarrow \rightarrow \leftarrow$ |
| :-- | :-- | :-- | :-- | :-- |

MOTRICS

Motrice on gender equality and equal work for equal pay
TDP MANAGEMENT

Gender distribution in top management in the Porsche AG Group as of December 31, 2024

Number of employees	Female	Male	Divorce	Total
First management level
Gender distribution	20	124	-	144
Gender distribution (\%)	13.9	80.1	-	100.0
Sexual management level
Gender distribution	14.1	738	-	879
Gender distribution (\%)	16.0	84.0	-	100.0

ADJ. GROUPS	Methods and assumptions
Distribution of employees by age group in the Porsche AG Group as of December 31, 2024	To enable the Porsche AG Group to determine the gender distribution in top management, the group companies provide the relevant data via an HR system. The same applies to the age distribution within the group. The Porsche AG Group uses the two levels below the administrative and supervisory bodies when disclosing the gender distribution in the first and second management levels.
General disclosures
Environment	2024
Social
Proportion of employees under 50 years of age	16.1
Proportion of employees aged between 50 and 55	65.6
Proportion of employees over 50 years of age	18.3

CONSOLIDATED FINANCIAL

STATEMENTS

FURTHER INFORMATION

The gender pay gap, defined as the difference of average pay levels between female and male employees, expressed as a percentage of the average pay level of male employees, stood at 15.4\% in the reporting year. This figure is significantly influenced by the gender distribution in the hierarchical levels of the Porsche AG Group. + Gender distribution in top management in the Porsche AG Group.

The annual total remuneration of the highest paid individual was 39.6 times the median annual total remuneration of all employees (excluding the highest-paid individual).

The Porsche AG Group uses a three-step process to determine the gender pay gap across all companies. First, the group companies send the corresponding data about "wages per gender" and "hours worked per gender." For individual group companies, an approximation method was applied to estimate the general managers' salaries. In the next step, the average
The Porsche AG Group evaluates the median pay ratio to determine the ratio between the highest-paid person and a fulltime equivalent employee. This is done in four steps, starting with the median pay levels of the group companies. In the second step, these are converted into euros using the corresponding exchange rate. The next step is to determine the median pay level for the Porsche AG Group using an approximation method with the input parameters "median pay level of the group companies," "personnel expenses" and "number of employees." Finally, the remuneration of the highest-paid employee is compared with the median pay level calculated for the Porsche AG Group.

Metrics on training and skills development
The Porsche AG Group enables its employees to participate in various training and skills development opportunities. In the reporting year, commercial apprentices completed an average of 106.4 training hours while top management participated in an average of 9.6 training hours. The average number of training hours per employee was 21 hours.

Average number of scheduled and unscheduled training hours per employee category

Average training hours	Scheduled training	Unscheduled training	Total
Industrial apprentices	53.6	6.5	$\mathbf{6 0 . 7}$
Commercial apprentices	80.0	21.4	$\mathbf{1 0 6 . 4}$
Students in a work placement program	50.2	6.8	$\mathbf{1 0 3 . 0}$
Performance-based wage earners	4.6	1.9	$\mathbf{4 . 0}$
Salaried employees	21.0	6.6	$\mathbf{2 7 . 6}$
Management	17.7	6.4	$\mathbf{2 3 . 1}$
Senior management	15.7	3.7	$\mathbf{1 9 . 4}$
Top management	6.6	3.0	$\mathbf{9 . 6}$
Time-based wage earners	8.7	2.2	$\mathbf{1 0 . 9}$

Methods and assumptions
The first step in collecting training data and costs for vocational training and training sessions is a survey of Porsche AG's group companies, which is then summarized at group level.

Training hours, broken down by scheduled and unscheduled training, are compiled for each employee category. In the second step, the average training time at group level is calculated using the number of employees in each employee category.

The calculation of the average number of training hours and training costs per employee is based on the data from December of the prior year to December of the reporting year.

$\equiv \mathrm{Q} \longleftarrow \longrightarrow \longleftarrow$
MAGAZINE
TO OUR SHAREHOLDERS
CORPORATE GOVERNANCE
CONBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continued Management Report)
General disclosures
Environment
> Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION
	2024
Reported cases of discrimination and harassment in the workplace
To countenact potential risks of rule breaches at an early stage, the company has set up a group-wide whistleblower system (see <43 Business context for a detailed description of the system) that employees of the Porsche AG Group or other third parties can use to report concerns or potential misconduct.
A total of 104 reports were received via the Porsche AG Group's whistleblower system. There are no known reports about the Porsche AG Group to the National Contact Points for OECD Multinational Enterprises.
Of the reports submitted, 30 were potentially severe breaches of the rules, and three of these related to discrimination and harassment. Two of these cases have been confirmed.
Neither of the two potentially severe rule breaches on workforce issues that did not relate to discrimination and harassment were confirmed.
No Fires, penalties and compensation for damages were recorded in connection with incidents and complaints of discrimination, including harassment, reported through the Porsche AG Group's whistleblower system.
In the reporting year, there were no severe human rights cases or associated fines, penalties and compensation for damages involving employees of the Porsche AG Group.
Number of incidents, complaints and severe human rights impacts
2024
Reported cases of discrimination and harassment
Complaints filed through the whistleblower system		164
Complaints to the National Contact Points for OECD Multinational Enterprises
Cases of severe human rights issues and incidents
Severe human rights incidents involving conditions of the principles of the UN Global Compact, the ILO Declaration and/or the OECD Guidelines for Multinational Enterprises.

Methods and assumptions

To determine how many complaints were made about the company's employees, the Porsche AG Group evaluates its whistleblower system for potential and confirmed severe rule breaches. These are categorized by topic as either discrimination and harassment or other workforce issues.

The Porsche AG Group determines the number of severe human rights cases related to its workers based on the number of severe incidents reported at the group level. This includes the number of severe incidents of violations of the United Nations Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational Enterprises.

The Porsche AG Group conducts a survey among the group companies to determine the total amount of fines, penalties and compensation for damages in connection with incidents and complaints of discrimination and harassment paid in the reporting year. The Porsche AG Group also centrally completes and reports the total amount of fines, penalties and compensation for damages related to cases of severe human rights issues and complaints paid in the reporting year for all group companies.

S2 WORKERS IN THE VALUE CHAIN

Topic	Significant impacts	Value chain
			Value chain			Most relevant
Topic	Significant impacts	$\checkmark$	$\beta_{0}$	$\checkmark$	$\checkmark$	$\checkmark$	$\checkmark$	$\checkmark$
Working conditions	Ensuring the well-being of workers in the value chain	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$
Working conditions	Endangering the well-being of workers in the value chain	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$
Equal treatment and equal opportunities for all	Ensuring equal treatment and equal opportunities for workers in the value chain	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$
Other work-related rights	Ensuring human rights for workers in the value chain	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$
Other work-related rights	Endangering human rights for workers in the value chain	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$	$\square$
<1 Upstream $\Rightarrow$ Own business activity $\gg$ Downstream $\Rightarrow$ Own more (less than 1 year) $\gg$ Medium-term ( 7 to 5 years) $\gg$ Long-term (more than 5 years)
In the context of sustainability management, the supply chain is becoming increasingly important. More and more new vehicle components and technologies are being added to procurement volumes and the number of suppliers is rising. At the same time, as vehicles are increasingly electrified, the level of demand for certain raw materials-especially to produce highvoltage batteries-is also growing, Porsche AG's entire supply chain encompassed 2,508 direct suppliers of production materials and 5,321 direct suppliers of non-production materials in the reporting year.
For the Porsche AG Group, acting responsibility, sustainability and respect for human rights along the value chain are essential elements of responsible business conduct. Safe and decent working conditions for people and the continuous minimization of environmental impacts-especially in regions where the raw materials required are extracted-can have a major effect on the lives of workers in the value chain.
There are also more stringent legal requirements following the entry into force of the German Supply Chain Due Diligence Act (LKSC) at the beginning of 2023.

The following chapter describes the approaches, policies and actions that the Porsche AG Group uses to promote safe and fair working conditions in the value chain-including respect for human rights, fostering diversity, equal treatment and opportunities, and other basic work-related rights.

IMPACTS AND RISKS RELATED TO WORKERS IN THE VALUE CHAIN

In the materiality assessment carried out in 2024, the area of workers in the value chain was identified as a material topic for the Porsche AG Group due to several impacts.

Impacts in the area of working conditions

In the long-term, the Porsche AG Group's contribution to safe and fair working conditions in the upstream and downstream value chain has a material positive impact on the well-being of workers in the value chain, for example by establishing a Code of Conduct for Business Partners and conducting audits at direct suppliers that include a review of working conditions and health and safety measures.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	In addition, the Porsche AG Group is committed to an intensified dialog about promoting positive environmental and social impacts in the value chain.
MAGAZINE
TO OUR EHARTHOLOGIES
CORPORATE GOVERNANCE
COMPRESENANADMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continental Management Report)	Impacts in the area of equal treatment and equal opportunities
General disclosures
Environment	Impacts and risks in the area of other work-related rights
Social	The materialty assessment conducted in 2024 identified an actual positive impact on respect for human rights in the upstream and downstream value chain, for example by positively shaping and influencing aspects such as combining all forms of discrimination, intimidation, harassment and unjustified disadvantage by business partners, promoting equal rights and appropriate behavior toward employees by business partners, promoting the training and further education of workers in the value chain on sustainability topics (e.g. human rights). The Porsche AG Group has a share in this project on account of its business relationships
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFERMATION
	Impacts and risks in the area of other work-related rights The materialty assessment conducted in 2024 identified an actual positive impact on respect for human rights in the upstream and downstream value chain as material for the Porsche AG Group.
	The impact originates from the Porsche AG Group's contribution to safe and fair working conditions in the upstream and downstream value chain and is achieved by contractually obliging business partners to prohibit child and forced labor, through its human rights focus system (HERS) and by defining actions to monitor or not to work with high-risk suppliers in the

event of a violation. Other contributing factors are its supplier management actions such as supplier audits including the review of working conditions as well as health and safety actions and actions against bonded labor, modern slavery, human trafficking and data protection abuse. More details about the HERS can be found in $\cdot$ Brangie approach.

In addition, a potential negative impact was identified in relation to threats to human rights of workers in the value chain. This includes the potential risk of child and forced labor in the upstream value chain due to business activities in high -risk regions as well as potential violations of human rights in the
upstream and downstream value chain because of the global and complex business model. Components may also come from high-risk sectors and potentially be linked to human rights violations. This negative impact also includes the potential risk that value chain workers may not be provided with adequate accommodation and sanitation. The impact has an influence on the strategy and is anchored in the sustainability strategy via the "Supply chain responsibility" strategy Field. It may result from the business model as it relies on a large number of suppliers.

Furthermore, a financial risk from breaches of government regulations to protect human rights was also identified for the Porsche AG Group. Corresponding laws in individual countries demand transparency in supply chains, including import bans on products or components that are suspected of being linked to human rights violations.

Although the Porsche AG Group does not see any risks of child, forced or compulsory labor at its own sites or those of its direct suppliers, these kinds of legal risks may arise from misconduct further upstream in the value chain. Possible impacts of noncompliance are financial sanctions and reputational damage.

Porsche AG meets this challenge with due diligence processes that cover its own business operations as well as the supply chain and other business partners. Porsche AG uses these due diligence processes with risk assessments and prevention measures and controls such as the supply chain grievance mechanism (SCOM) or the group-wide raw materials due diligence management system (RMOOMS) to identify and avoid potential breaches and keep the risks as low as possible.

CHARACTERISTICS OF THE AFFECTED WORKERS IN THE VALUE CHAIN

The activities of the Porsche AG Group can impact workers in the entire upstream and downstream value chain. These include the following groups of workers:

• Workers who work at Porsche-own sites but are not part of the company's own workforce, for example, workers in the areas of waste management, construction, consulting, catering and canterers, machinery services, marketing and events, medical services, legal services, cleaning services, training, security personnel, vise travel management. - Workers who work for companies in the direct supply chain and upstream value chain, for example, workers in the areas of equipment and work clothing, vehicle components, energy, chemicals, lubricants, research and development, IT hardware, IT development/software, logistics, machinery and tools, raw materials.
• Workers who are active in the company's downstream value chain, for example, workers in the areas of grouping, call centers, vehicle refurbishment, debt collection, laboratories, logistics, rental services.

Based on the abstract risk assessment, an understanding was developed of which types of workers in the value chain could be affected by negative impacts and which could be more at risk than others. The industry-oriented assessment in the reporting year revealed an increased potential risk in production materials, raw materials and logistics services.

INVOLVEMENT OF WORKERS IN THE VALUE CHAIN

Various exchange formats are available for the Porsche AG Group's own workforce to directly interact with each other. More information can be found in $\cdot$ 43 Own workers.

With workers in the upstream value chain, comparable interaction in terms of intensity and regularity is only possible to a limited extent through representatives. Nevertheless, the inclusion of these workers is promoted via various indirect and direct formats, examples of which are described below.

Several times a year, representatives of Porsche AG engage in dialog with stakeholders as part of the automotive industry dialog on the German Federal Government's National Action Plan (NAP) for Business and Human Rights.

The Porsche AG Group also engages with stakeholders and affected workers in the value chain in other cross-industry initiatives, such as the Responsible Miss Initiative, where Porsche AG is on the Board of Directors. The initiative aims to improve conditions for local workers mining miss in India and Madagascar. There were also direct conversations with workers and communities in the mining areas during trips to the on-site projects in the reporting year.

Sinra (2020, Porsche AG) has also been involved in the CASSADE (Committed Actions for Smallholders Capacity Development) project with Midwife to support rubber farmers in Sumatra, Indonesia. The partners offer on-site training aimed at improving the working and living conditions of small plantation farmers.

COMPLAINTS PROCESS AND REMEDIAL ACTION

Adherence to statutory requirements, internal company policies and the Code of Conduct has high priority in the Porsche AG Group. In order to live up to this, it is important to be aware of and prevent potential misconduct by employees. The Porsche whichdabower system, which is described in more detail in $\cdot$ 43 Nonconvenience, of incessant reports received independently and confidentiality.

Porsche AG operates a multi-stage $\cdot$ 800 (Business and Human Rights) complaints procedure, which is defined in the Group Business and Human Rights Policy (see $\cdot$ Report) and is operated centrally by Porsche AG for the Porsche AG Group.

The procedure provides internal and external complainants with a confidential communication channel for reporting potential breaches of human rights and violations of environmental duties. It is therefore also available to workers in the value chain. The reporting channels are communicated on the website of Porsche AG and selected group companies.

Any complaints received are processed using a standardized process. In the event of breaches of human rights or environmental obligations in the company's own business area or at a direct supplier, action is taken to prevent or end such violations or to minimize the extent of the violation. If there are specific indications of a potential violation of a human rights or environmental obligation by an indirect supplier, the available legal and actual options are exercised to take immediate action to prevent or end such violations or to minimize the extent of the violation. Depending on how severe the violation is, Porsche AG reserves the right to react appropriately in connection with business partners, up to and including termination of the business relationship.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \longleftarrow$	The procedures and information on how complaints are submitted and processed are described in the rules of procedure for the BHR complaints process. The rules of procedure are publicly accessible on the Porsche AG website and are therefore also available to workers in the value chain.
MAGAZINE	The BHR complaints procedure and the associated contact options are discussed in employee training sessions. The effectiveness of the BHR complaints procedure is reviewed on a regular and ad hoc basis.
TO OUR DIAMENOLOGIES	In accordance with the $\rightarrow$ Code of Conduct for Business Partners, the Porsche AG Group's direct suppliers are also obliged to set up a complaints procedure suitable for their company. This is intended to enable both the business partners' own workforce and other persons who could potentially be affected to raise concerns about business ethics, human rights or the environment. More information about the Code of Conduct for Business Partners can be found in $\rightarrow$ ^Aubans.
COMMUNED MANAGEMENT REPORT	The supply chain grievance mechanism (SCOM) is used to process reports of breaches of the requirements of the Code of Conduct for Business Partners by direct or indirect (1 -tier or n -tier) suppliers of the Porsche AG Group.
NON-FINANCIAL STATISMEN	The SCOM has a standardized process for the sustainability experts in the Procurement department at Porsche AG to deal with potential indications of breaches of the Porsche AG Group's sustainability requirements. On a case-by-case basis, they are forwarded to an interdisciplinary team of experts for further processing. This is described in the manual regulating sustainability management in supplier relationships.

STRATEGIC APPROACH

The Porsche AG Group's corporate responsibility does not end at the factory game- it extends along the entire value chain. Respect for human rights and guaranteeing safe, healthy and fair working conditions are a central concern for direct and indirect suppliers and partners in the value chain. They are also expected to ensure equal treatment and opportunities in their own workforce and in their value chain and promote cultural, ethnic and religious diversity and an inclusive culture.

With the expansion of the product portfolio and the growing variety of technologies, the Porsche AG Group has strategically focused on sustainability-oriented management of its direct supplier relationships. "Supply chain responsibility" was defined as a strategy field within the $\rightarrow$ Sustainability strategy, bundling management approaches and actions aimed at environmentally sustainable procurement, compliance with human rights standards, social employment practices and responsible resource management.

Responsible supply chain system (ReSC system)

The Porsche AG Group uses the ReSC system as a management approach to fulfill its human rights and environmental due diligence obligations. The ReSC system was originally developed at the Volkswagen Group and serves as an overarching due diligence approach for procurement.

The goal is to identify, avoid and minimise human rights, social and environmental risks along the supply chain based on a systematic risk assessment. It should also help to put an end to violations and continuously improve direct suppliers' sustainability contributions.

The ReSC system includes the following interrelated elements:

• Risk assessment. A regular risk assessment ensures the early identification of risks in the Porsche AG Group's supply chain.
• Standard measures for all direct suppliers. These proactive and also reactive actions include the Code of Conduct for Business Partners, the $\rightarrow$ Supply chain grievance mechanism (SCOM), media screening, the sustainability rating (S-rating) and training direct suppliers and employees.
• Deep dive measures for high-risk areas. These encompass the human rights focus system (HRFS), the raw materials due diligence management system (RMDDMS) and collaboration with external partners to refine the concept of sustainability in the supply chain.

These elements are described below as well as in $\rightarrow$ Aubans and $\rightarrow$ Authors.

The Porsche AG Group identifies the sustainability risks that may arise from its direct business relationships in the upstream and downstream supply chain. Indirect suppliers are also taken into account on an ad hoc and risk-related basis. However, dealers and customers are not included, nor are they covered by the ReSC system.

Sustainability rating (S-rating)

Porsche AG uses the sustainability rating (S-rating) for all direct suppliers of production materials and selected suppliers of nonproduction materials as a management tool for the supply chain. Using defined criteria, Porsche AG reviews environmental, social and compliance behavior as well as adherence to the Code of Conduct for Business Partners Information about the specific requirements of the Code of Conduct for Business Partners can be found in the following section on $\rightarrow$ ^Aubans.

The S-rating is based on a self-assessment by direct suppliers of defined sustainability criteria. In the event of negative assessments, Porsche AG initiates a corrective action plan in collaboration with the supplier concerned, which can be reviewed by an independent sustainability auditor. As a matter of principle, the suppliers concerned are not considered for contracts by Porsche AG until they meet the sustainability requirements. More information about the S-rating can be found in $\rightarrow$ SI Business conduct.

The Volkswagen Group's raw materials due diligence management system (RMDDMS) is a key component of the responsible supply chain (ReSC) system. The RMDDMS describes the process for identifying, assessing and avoiding sustainability risks in raw material supply chains in accordance with the five steps of the OECD Due Diligence Guidance for Responsible Business Conduct and the requirements of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict- Affected and High-Risk Areas. With this risk-based approach, the Porsche AG Group prioritizes its activities based on the severity and probability of breaches of the law and the company's ability to influence them.

In the reporting year, the Volkswagen Group again conducted an audit and assessment of the 18 raw materials identified as particularly risky. These include the battery raw materials cobalt, lithium, nickel and graphite, the conflict minerals tin, tantalum, tungsten and gold (STG), and cotton, magnesium, aluminum, copper, leather, mica, steel, natural rubber, platinum group metals and rare earths. The Volkswagen Group publishes an annual Responsible Raw Materials Report.

To be able to respond appropriately to particularly serious human rights and environmental risks, the human rights focus system (HRFS) was implemented together with the Volkswagen Group in the supply chain in 2022. The system aims to identify and address the source of potential particularly high risks in the supply chain in connection with human rights violations and the environment. The Porsche AG Group is particularly committed to protecting those groups along the supply chains that are at a potentially higher risk of human rights violations and the system helps it to do this. The aim is to implement suitable prevention and remedial actions that take into account the diverse and often structural causes of human rights violations.

The Business and Human Rights (BHR) Council, which is made up of members from various disciplines and reports directly to the Executive Board, is responsible for monitoring human rights and environmental due diligence in accordance with the German Supply Chain Due Diligence Act (LkBS) within the Porsche AG Group. The BHR Council is supported in its work by an office.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	The BHR Council reports regularly (at least once a year) and on an ad hoc basis to the Executive Board of Porcohe AG. The main content of these reports are the results of human rights or the environment risk assessments and the results of following up on complaints received.
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
General disclosures
Environment
1 Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFERMATION
	The BHR Council reports regularly (at least once a year) and on an ad hoc basis to the Executive Board of Porcohe AG. The main content of these reports are the results of human rights or the environment risk assessments and the results of following up on complaints received.
POLICES
	The Porcohe AG Group bases its entrepreneurial action on the following international standards: the United States and the United States of Human Rights, the International Covenant on Civil and Political Rights, the International Covenant on Economic, Social and Cultural Rights, the OECD Guidelines for Multinational
Esterqones, the UN Guiding Principles on Business and Human Rights, the principles of the UN Global Compact, and the relevant core labor standards of the International Labour Organization (ILO).
In Germany, several laws are in place to implement minimum standards for working conditions (such as the German Works Constitution Act (BertVII), German Hours of Work Act (Arb25), German Supply Chain Use (Oligence Act (Lk80), and many others.
	These requirements and standards are implemented in the Porcohe AG Group in numerous frameworks and policies for processes and regulations aimed at achieving a positive impact on working conditions in the upstream and downstream value chain. These are described below.
	The central document and this basis for cooperation based on trust between the Porcohe AG Group and its direct suppliers is the Code of Conduct for Business Partners. The Code of Conduct for Business Partners requires direct suppliers to adhere to the shared values and translates these into concrete environmental, social and human rights standards.
	The sustainability requirements in the Code of Conduct for Business Partners are based, among other things, on the OECD Due Oligence Guidance for Responsible Supply Chains of Minerals from Conflict- Affected and High-Risk Areas (OECD Minerals Guidance) and the conventions of the ILO, especially the fundamental rights at work and the guiding principles of the "Drive Sustainability" initiative. These form the basis for entrepreneurial action and thus also for all other policies.

The direct suppliers of Porcohe AG are forbidden from knowingly engaging in any form of forced or compulsory labor as well as any form of modern slavery, human trafficking or child labor. Business partners undertake to comply with the minimum age pursuant to the applicable law for employees working in their activities and in their supply chains.

Direct suppliers are also required by the Code of Conduct for Business Partners to refrain from any form of discrimination, intimidation, harassment or unjustified disadvantage toward their employees in the working environment. Unequal treatment because of ethnic or social origin, skin color, gender, nationality, language, religion, physical or mental limitations, gender identity, sexual orientation, state of health, age, marital status, pregnancy/parenthood, trade union membership or political conviction—provided that they are based on democratic principles and tolerance toward those with different opinions— is prohibited. Equal treatment also requires equal pay to be paid for work of equal value.

Direct suppliers should grant all employees the right to form and join trade unions and employee representative bodies. In this context, direct business partners agree to remain neutral and condemn any form of discrimination or retaliation based on trade union activities. They also support the right to collective bargaining agreements and the right of trade unions to operate freely and in accordance with applicable labor laws. This right also includes the right to strike and the right to collective bargaining.

The Code of Conduct for Business Partners also includes minimum standards for remuneration (being wage and punctual payment), occupational health and safety at work and fire safety requirements. Suppliers are required to ensure that working hours comply with the applicable national legal requirements and/or the national requirements applicable in the respective economic sector and that the working conditions meet applicable minimum standards, also in terms of hygiene.

Other work-related rights such as access to clean drinking water, minimum hygiene requirements and safety are also contained in the Code of Conduct for Business Partners.

The requirements from the Code of Conduct for Business Partners are an integral part of the supplier contracts Furthermore, direct suppliers are obliged to pass on the sustainability requirements of the Code of Conduct for Business Partners to their own suppliers in the upstream supply chain and to install appropriate controls to monitor them.

To prevent integrity risks and negative social or environmental impacts along the supply chain, direct suppliers are informed about the content of Porcohe AG's Code of Conduct for Business Partners as part of the Volkswagen Group's education measures, for instance, e-learning, and made-aware of current challenges in the supply chain.

The Code of Conduct for Business Partners is the responsibility of the Porcohe AG's Executive Board. It is available on the Porcohe website in German and English.

Policies related to human rights

In 2022, Porcohe AG issued a declaration of intent to observe and promote human rights. In which the Executive Board and Group Works Council of Porcohe AG explicitly commit to observing human rights and promoting good working conditions and fair trade.

The main focuses defined in this declaration are

• No child labor
• No forced or compulsory labor; rejection of all forms of modern slavery
• Diversity and protection of vulnerable groups
• Prohibition of any form of discrimination
• Tolerance of different opinions
• Ensuring the safety of individuals
• No involvement in unlawful acts
• Good working conditions
• Freedom of association and collective bargaining

Porcohe AG has defined clear responsibilities for compliance with and review of human rights and environmental due diligence in accordance with the Lk80. The Executive Board of Porcohe AG is responsible for ensuring that its business activities respect human rights and environmental obligations.

The Executive Board of Porcohe AG has delegated the monitoring of human rights and environmental due diligence in accordance with the Lk80 at the Porcohe AG Group to the Business & Human Rights (BHR) Council. More information about this can be found in $\approx$ Average approach.

The $\approx$ Declaration of intent in Freely accessible on the internet. It applies to all employees of the Porcohe AG Group at national and international sites, including group companies over which the Porcohe AG Group exercises significant control.

The Group Business and Human Rights Policy was adopted in 2022, establishing an overarching framework for managing human rights and environmental due diligence in accordance with the Lk80. It also describes the rules of procedure for the BHR complaints procedure and specifies the channels to submit complaints and how complaints received are dealt with. The rules of procedure are described here in $\approx$ Compliance process while general information about the policy can be found in $\approx 0.1$ Business conduct.

Policies related to equal treatment and equal opportunities for workers in the value chain

The topic of equal treatment and equal opportunities for workers in the value chain is explicitly described in the requirements of the aforementioned Code of Conduct for Business Partners. In addition, Porcohe AG and selected group companies have signed the German Diversity Charter-a voluntary commitment for German businesses-as an additional pledge of their commitment. More information about this is described in the policies under Equal treatment and equal opportunities in $\approx 0.1$ Own workforce.

Policies related to other work-related rights The aforementioned declaration of intent to observe and promote human rights explicitly deals with human trafficking, forced and child labor and thus also applies to workers in the supply chain.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \longleftarrow$	The Code of Conduct for employees of the Porsche AG Group also contains principles on other work-related rights that relate to the value chain, for example, the explicit rejection of child, forced and compulsory labor as well as any form of modern slavery and human trafficking. The Code also describes specific legal regulations for the protection of privacy when handling personal data. The collection, storage, processing and other use of personal data generally require the consent of the data subject, a contractual arrangement or another legal basis. The Code of Conduct is described in detail in $\boldsymbol{\sim}$ 81 Own workforce under thinking conditions.
MAGAZINE
TO OUR SHARKHOLDERS	Other policies related to sustainability in the supply chain
CORPORATE GOVERNANCE	7 is manual regulating sustainability management in supplier relationships defines rules for managing sustainability in supplier relationships and describes how to adhere to social standards in the supply chain. It also sets out respect for human rights and $\rightarrow$ non-communicablems in the context of Porsche's business activities along the value chain. The manual regulating sustainability management in supplier relationships is the responsibility of the main Procurement Central Functions, Strategy, Digitalization, Risk Prevention and Genuine Parts department at Porsche AG.
CONEINED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continual Management Report)	In addition to the Code of Conduct for Business Partners and the aforementioned group policies, several specific policies on materials and raw materials address human rights and working conditions in the upstream supply chain. These specifications were developed together with the Volkswagen Group and rolled out in the Porsche AG Group. They are used when awarding new procurement contracts for production materials. More information about the specifications can be found in $\rightarrow$ 85 Resources use and private economy.
General disclosures
Environment	In the case of battery raw materials, for example, the requirements include the fullest possible disclosure of the raw materials and raw materials address human rights and working conditions in the upstream supply chain. These specifications were developed together with the Volkswagen Group and rolled out in the Porsche AG Group. They are used when awarding new procurement contracts for production materials.
FURTHER INFORMATION

ACTIOING

As part of its strategic approach to greater sustainability in the supply chain, the Porsche AG Group takes various actions to ensure safe and fair working conditions as well as equal treatment and opportunities in its upstream and downstream value chain as far as possible.

Alongside the aforementioned elements of the $\rightarrow$ field system, this includes the following actions, which are implemented, tracked and reported on an ongoing basis and in the reporting year.

Preventive actions

MEDIA SCREENING
Increasing supply chain transparency is a relevant prerequisite for identifying, preventing and mitigating human rights risks in the upstream supply chain. In addition, Porsche AG takes on new technologies such as IT tools to recognize potential risks and negative impacts, for example, in raw material supply chains. The permanent screening of freely available internet sources including social media provides timely indications of possible violations.

DIALOG ACTIVITIES

Porsche AG is an active participant in the automotive industry dialog on the German Federal Government's National Action Plan (NHP) for Business and Human Rights, which aims to contribute to strengthening human rights and shaping globalization in a socially responsible manner.

As a member of the Responsible Supply Chain Initiative (RSCI) of the German Association of the Automotive Industry (VDA), Porsche AG conducted audits in accordance with the RSCI assessment standard for sustainability in the automotive supply chain in the reporting year and has scheduled further audits for 2025. The aim of the audits is to improve supply chain transparency. These audits also include direct interviews with value chain workers.

Porsche AG conducts strategic sustainability dialogs with selected direct suppliers to continuously exchange information about relevant topics and achieve a greater level of transparency in the value chain. The participants reflect together on opportunities and challenges and determine approaches for sustainable actions.

EMPLOYEE AWARENESS AND TRAINING

In the reporting year, employees in Procurement at Porsche AG and selected group companies were regularly informed and trained on topics and current changes in the area of risk/supplier management. Sustainability in supplier relationships and the S-raiting are also part of the training.

Human rights aspects have also been added to the training and communication measures, e.g. with background information, warning signs and recommendations if there is any indication of human rights violations.

QUALIFICATION OF SUPPLIERS

In addition to employees of the Porsche AG Group, employees of selected direct suppliers also receive training on sustainability standards, the S-raiting and integrity. These training courses, for instance, are part of supplier development programs that also encompass other project management subject areas. This raises awareness of sustainability-related topics-including human rights-among the company's own workforce and workers in the value chain.

Remedial actions

Potential breaches of human rights or environmental obligations at a direct supplier are dealt with in a standardized process by the sustainability experts in the Procurement department and, on a case-by-case basis, by an interdisciplinary team of experts. This supply chain allowance mechanism (BODM) is described in more detail under $\rightarrow$ Strategic approach. If there has been a violation, specific action is taken to end such a violation or to minimize its extent.

If there are specific indications of a potential violation of a human rights or environmental obligation by an indirect supplier in the upstream supply chain, the available legal and actual options are exercised to take immediate action to prevent or end such violations or to minimize the extent of the violation.

If violations are detected at a direct supplier during an on-site inspection, a corrective action plan is drawn up together with the supplier, who must then remedy the identified concerns without delay. The effectiveness of remedies is reviewed on a case-by-case basis, for example, as part of a re-audit. Depending on how severe the violation is, Porsche AG reserves the right to resort appropriately in connection with business partners, up to and including termination of the business relationship.

Targeted actions for improvement are also developed and identified in the relevant areas for direct suppliers with a negative S-raiting. More information about the S-raiting can be found in $\rightarrow$ 81 Business conduct.

TARGETS

The Porsche AG Group manages the impacts and risks related to workers in the value chain centrally via the sustainability rating (S-rating) described in $\rightarrow$ Strategic approach.

The Porsche AG Group wants to ensure that its direct suppliers practice more ecologically sustainable procurement, adhere to human rights standards, implement social employment practices and achieve responsible resource management.

The specific target is described within Business conduct under the heading $\rightarrow$ Management of relationships with suppliers.

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TO OUR DIAMENOLOGY
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINAMITAL STATISMATIC (part of the Combined Management Report)
General disclosures
Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORNATION
FURTHER INTERNATION

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$	LITERATURE AND ART FOUNDATION Porsche China has been supporting the Shanghai Literature and Art Foundation (CC Foundation) since 2017, which offers young Chinese artists opportunities and prospects and brings them into the public eye. The "Porsche Young Chinese Artist of the Year" competition began a new round in the reporting year, giving up-and-sensing young artists a network and a platform to present their art and talent to the public. The competition will run far two years, with the witness to be announced in 2020 as part of the internationally renowned ARTIST exhibition in Shanghai.
MAGAZINE	Selected social projects in sport TURBO FOR TALENTS: TALENTS HAND IN HAND The Taalets Hand-in Hand concept is a subproject of Porsche AG's youth development program «Tudocle Taalers. In addition to theoretical training by education professionals, the youth teams of the partner clubs engage in practical conversations with social institutions and regional cooperation partners. The focus is on socially relevant topics such as inclusion, sustainable nutrition, health and the responsible use of resources. By taking on social, ecological and societal responsibility at an early age, the projects are a win-win situation for all participating talents and give the young athletes a direct and personal connection to society.
TOL
General disclosures
Environment
Social
Governance
Annex
CONSOLIDATED FINANCIAL	TURBO FOR TALENTS: POROCHE TURBO AWARD The Porsche Tuctes Award has also been an integral part of the * Tuites Awards youth development program since 2020. Once a year, Porsche AG awards prizes to selected up-and-sensing
FURTHER INFORMATION

| CHRIST FOR TALENTS: POROCHE KIDS DAYS Another project of Porsche AG « Tutecte Taales youth development program is the Porsche Kids Days, which took place at least once in the reporting year at all partner clubs together with the local Porsche dealer organizations. Children from welfare facilities in the region had the chance to spend an exciting day with the partner club and accompany their sporting clubs to top games in the halls or stadiums. After a backstage tour through the hall-in-stadium, they took part in workshops or short training sessions.

The Porsche Kids Days convey the values of Porsche youth development: tolerance, fairness, passion and respect. At the same time, they aim to raise young people's awareness of their social, ecological and societal responsibility.

TURBO FOR TALENTS: POROCHE TURBO AWARD
The Porsche Tuctes Award has also been an integral part of the
* Tuites Awards youth development program since 2020. Once a year, Porsche AG awards prizes to selected up-and-sensing
players from its partner clubs in the categories best sporting development, best academic performance and exceptional social engagement.

In May 2024, the award ceremony took place for the ninth time, using the Porsche Experience Center (PEC) at the Hustenheimning as the venue for the third time. After the award ceremony and a panel talk with ambassador Sami Khedra, the young athletes were given the chance to copital a car on the PEC tracks. In their feedback, the partner clubs and participants described Porsche AG as a motivator for academic, social and sporting excellence.

TURBO FOR TALENTS: GOALS FOR CHAMITY
As part of the annual Porsche Soccer Cup, the «Tutecte Taales youth development program launched Goals for Charity to raise money for the Baden-Württemberg Sports Federation. For the fourth time, Porsche AG donated 6500 for every goal scored. The many successful goals scored by the junior players raised $€ 30,000$ for the "Gemeinsam mehr bewegen" initiative in September 2024, which aims to promote the integration of children and young people with a refugee or migration background into sports clubs.

ACES FOR CHAMITY
Porsche AG also donated 6200 for every son hit during the Porsche Tennis Grand Prix in April 2024. The total of 178 Aces for Charity were rounded up to a total duration of $€ 60,000$ for the tournament's charity partners, the Agapesta Foundation for Children, Soziales und Bildung g(2m6H and the Johanniter-Unthat-Hifm accident support organization in Stuttgart. This campaign has been a core part of the traditional Stuttgart tennis tournament for many years.

RACING FOR CHAMITY
Porsche AG carried out the Racing for Charity fundaialer around the 24 -hour race of La Maris for the second time in the reporting year. It donated $€ 750$ for each lap driven by the three works Porsche 963 cars. The hybrid prototypes completed a total of $£ 55$ laps, and Porsche AG trapped up the donation to $£ 911,000$, which was donated to the charitable aid organizations Kinderheczen retten e. V. and Interplexi Germany e. V. (€350,000 each) and to the Ferry Porsche Foundation ( $£ 211,000$ ).

Kinderheczen retten e. V. helps children with cardiovascular diseases from less medically advanced countries live healthy lives thanks to a one-time operation. The doctors at Interplexi Germany e. V. perform plastic surgery and treat conditions including accidental injuries and burns in children from crisis areas and developing countries. The Ferry Porsche Foundation supports seriously ill children and their families.

OL THERMANCHINUCHS BADEN-WEIRTTEMBERD
FOUNDATION
Porsche AG has been supporting the Olympialikschewsche Baden-Württemberg e. V. Foundation since 2016. It promotes talented young athletes in Olympic disciplines, e.g. athletics, rhythmic gymnastics, fencing, wrestling and cycling, enabling them to combine school, training or studies and family with elite sport.

In the reporting year, the Foundation-with the help of Porsche AG-supported 105 young athletes in 22 sports on their way to the Olympics.

Resources and performance measurement
The national and international group compares usually carry out their sponsorship projects under the "Partner to society" strategic approach independently. The comparison' respective communications departments are generally responsible for the projects.

To wildly measure the effectiveness and progress of the sponsorship projects, Porsche AG has developed its own evaluation methodology that incorporates quantitative and qualitative data. An annual evaluation calculates an overall score for how effective and efficient a project is. This allows the main Communications, Sustainability, and Politics department to compare many different sponsorship projects and develop specific potential for improvement. The target is to further improve the average score of all projects each year.

This evaluation methodology applies to all existing donations and CSR sponsorships relating to social sustainability at Porsche AG. One exception is the Tuctes for Taalers youth development program, where the current status of activities is evaluated by the project team and the existing sponsoring partners (partner clubs) on a weekly basis.

TARBETS
At present, the Porsche AG Group does not have fully quantified targets for its corporate citizenship projects in order to allow for the necessary flexibility in projects and funding levels. However, the Porsche AG Group's corporate citizenship projects pursue the following overarching "Partner to society" targets under the
motifs "Creating chances."

PROWITING SAFE WORK
The Porsche AG Group wants to support people along the vehicle value chain and advocates for responsible and safe working conditions. This also includes occupational health and safety and ensuring sustainable livelihoods.

ENABLING A SELF-OETERMINED LIFE
Particularly in the area known as the Global South, the Porsche AG Group wants to help people secure their livelihoods and lead a self-determined life in the future.

FULFILING BIG DIREANS
Fulfilling people's dreams is a matter close to the heart of the Porsche AG Group. Education and integration in particular aim to strengthen self-realization and secure prospects for the future. The Porsche AG Group aims to specifically engage and support young people via sports projects.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$
				Value chain			Meet relevant time factors
MAGAZINE		Topic	Significant impacts	$\checkmark$	$\checkmark$	$\checkmark$	$\checkmark$	$\checkmark$
TO OUR SHAREHOLDERS		Perceived safety of consumers and/or end-users	Health and safety of customers	$\square$	$\square$	$\square$	$\square$	$\square$
CORPORATE GOVERNANCE
COMPARISM	MAINTEMENT REPORT	The business activities of the Porsche AG Group influence the lives and interests of many people around the world. Porsche customers-the consumers and end-users of the Porsche AG Group's products - are a key stakeholder group.	The language development of autonomous systems in vehicles offers innovative mobility solutions, but presents companies in the automotive industry, such as the Porsche AG Group, with new challenges and risks. In particular, there is a primary risk in the downstream value chain related to product liability in the event of potential accidents attributable to errors in assistance and automation functions. Safety and compliance requirements are already a focus in product development so that risks can be identified at an early stage. Potential accident risks are proactively addressed through targeted actions, such as implementing functional safety and usability processes and continuous monitoring of systems and software. In addition, comprehensive safety tests are conducted, which are a prerequisite for a vehicle's market readiness. The automation system can be deactivated if necessary to ensure safety.	The ongoing development of autonomous systems in vehicles offers innovative mobility solutions, but presents companies in the automotive industry, such as the Porsche AG Group, with new challenges and risks. In particular, there is a primary risk in the downstream value chain related to product liability in the event of potential accidents attributable to errors in assistance and automation functions. Safety and compliance requirements are already a focus in product development so that risks can be identified at an early stage. Potential accident risks are proactively addressed through targeted actions, such as implementing functional safety and usability processes and continuous monitoring of systems and software. In addition, comprehensive safety tests are conducted, which are a prerequisite for a vehicle's market readiness. The automation system can be deactivated if necessary to ensure safety.	The capitalisation of the Porsche AG Group will be optimal protection of drivers and passengers a high priority. The safety of other road users is also important.
NON-FINER INTERNATION		According to the Porsche AG Group's materiality assessment, guaranteeing the health and safety of customers is essential and has been identified as having an actual positive impact.	According to the Porsche AG Group's materiality assessment, guaranteeing the health and safety of customers is essential and has been identified as having an actual positive impact.	The ongoing development of autonomous systems in vehicles offers innovative mobility solutions, but presents companies in the automotive industry, such as the Porsche AG Group, with new challenges and risks. In particular, there is a primary risk in the downstream value chain related to product liability in the event of potential accidents attributable to errors in assistance and automation functions. Safety and compliance requirements are already a focus in product development so that risks can be identified at an early stage. Potential accident risks are proactively addressed through targeted actions, such as implementing functional safety and usability processes and continuous monitoring of systems and software. In addition, comprehensive safety tests are conducted, which are a prerequisite for a vehicle's market readiness. The automation system can be deactivated if necessary to ensure safety.
	In its own business operations and in the downstream value chain, this includes providing comprehensive and effective safety protection for drivers, passengers and road users based on research and development, as well as communicating safety information that is of particular importance for the health and safety of customers.
	INVOLVEMENT OF CONSUMERS AND END-USEN Porsche AG does not directly involve customers in vehicle safety processes. In the area of accident analysis, some customers are interviewed after accidents using standardized questionnaires, provided that they have given their consent. The vehicle safety system specialist department is responsible for integrating customers into the corporate concept.

$\begin{aligned} & \text { O } \ & \text { NON-S } \end{aligned}$
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TO OUR SHARKHOLDERS				Value chain		Most relevant time horizon
CORPORATE GOVERNANCE
CONEINED MANAGEMENT REPORT
NON-FIRANCIAL STATEMENT (part of the Continual Management Report)
General disclosures
Enviroment
Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INTERNATION
				Value chain		Most relevant time horizon
			Significant impacts	$\checkmark$	$\square$	$\checkmark$	$\checkmark$
	Corporate culture	Contributing to social welfare gains by fostering integrity/ethical conduct	$\square$	$\square$	$\square$	$\square$	$\square$
	Protection of whotletbowers	Encouraging employees and other stakeholders to report unethical behavior or misconduct because there is a culture of trust and transparency, and effective systems are in place	$\square$	$\square$	$\square$	$\square$	$\square$
	Political engagement	Supporting informed decision-making based political engagement including lobbying activities	$\square$	$\square$	$\square$	$\square$	$\square$
	Management of relationships with suppliers including payment practices	Cooperative partnership based on fair business practices (e.g. fair and prompt payment practices)	$\square$	$\square$	$\square$	$\square$	$\square$
	Corruption and bribery	Fostering a culture of integrity within the industry and building trust and respect among stakeholders by committing to the fight against corruption and bribery	$\square$	$\square$	$\square$	$\square$	$\square$
			$\square$	$\square$	$\square$	$\square$	$\square$

• Corporate culture: Compliance and integrity including the topics of the whotlebower system, complaints process, corruption and bribery
• Political influence and lobbying activities
• Management of relationships with suppliers including payment practices

INFECTS AND RISKS IN THE AREA OF BUSINESS CONDUCT The materiality assessment carried out in the reporting year identified the following material impacts for the various aspects:

Impacts in the area of corporate culture
In its 2024 materiality assessment, the Porsche AG Group identified an actual positive impact on social welfare gains as a result of fostering integrity and ethical conduct. The analysis drew an knowledge already gained from various formats in connection with the corporate culture (e.g. workshops aimed at developing the corporate culture) as well as the Code of Conduct and the Code of Conduct for Business Partners.

The positive impact includes the following aspects that the Porsche AG Group promotes through its business model and corporate strategy: Fairness in dealing with employee representatives in its own business operations; fostering integrity, equal treatment and responsible decision-making processes along the value chain; and acting as a trustworthy and reliable partner in business relationships.

In addition, the materiality assessment identified an actual positive impact on a culture of integrity within the automotive industry and an trust and respect among industry stakeholders.

The Porsche AG Group's commitment to combining corruption and bribery inspires trust and respect among those involved and is also intended to foster a culture of integrity within the automotive industry. The risk assessments carried out within the framework of the compliance management system, the resulting preventive measures and appropriate controls are aimed at systematically ensuring compliance with the laws and internal regulations related to corruption or bribery applicable to the ongoing business operations. The obligation to combat corruption and bribery is primarily based on German criminal law and general German case law and is set out in several - Faktions in the section on corporate culture, including the Group Avoidance of Conflicts of Interest and Corruption Policy.

An actual positive impact was also identified in connection with the protection of whotlebowers. Employees and other stakeholders of Porsche AG can use the Porsche AG's whotlebower system to report potential instances of misconduct of employees of the Porsche AG Group.

The management of the material impacts is described separately in $\cdot$ Corporate culture.

Impacts and risks in the area of political influence and lobbying activities
In its 2024 materiality assessment, the Porsche AG Group identified an actual positive impact in terms of political influence. This was concluded from the controls and procedures implemented to ensure that political lobbying is carried out in accordance with corporate values and standards and the law. Competition, antitrust and other legal provisions are observed. Through its lobbying activities and political influence, the Porsche AG Group has a positive impact on decision-making, as knowledge sharing is the basis for providing the best possible information to political decision-makers, Reputational and economic risks and risks of sanctions are thus reduced.

Political changes and political and regulatory decisions harbor the risk of a negative impact on the economic conditions business operations and the reputation of the Porsche AG Group. In the value chain, this can have an impact on the Porsche AG Group's supply chains, products and sales markets, among other things. Diminishing opportunities for political lobbying could contribute to this. This is why political debates and political and regulatory frameworks are continuously monitored as a basis for transparent political lobbying.

The management of the material impact is described separately under $\cdot$ Political influence and lobbying activities.

Impacts in the area of supplier management
The materiality assessment carried out by the Porsche AG Group in the reporting year identified an actual positive impact in connection with the management of relationships with direct suppliers. In identifying this impact, the analysis took into account knowledge already gained from the purchasing processes and regulations regarding supplier selection, supplier development, supplier management and payment behavior by involving the relevant departments. The processes and rules

	$Q \longleftarrow \rightarrow \star$	An important pillar of the whistleblower system is the principle of fair proceedings, the aim of which is to ensure the greatest possible protection of whistleblowers, those accused and those employees involved in investigating the misconduct that has been reported. The Porsche AG Group protects all whistleblowers from discrimination and instaltion to the best of its ability. This also applies to those who support the cases being investigated.	The BHR complaints procedure is defined in the Group Business and Human Rights Policy and is operated centrally by Porsche AG for the Porsche AG Group. Porsche AG uses a standardized process for any complaints received.
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
General disclosures
Environment
Social
Government
Social
Governance
Arrows
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INTERNATION

COMPARISON

FURTHER INTERNATION

PARTICIP

NATIONER INTERNATION

PARTICIP INFORMATION

COMPARISON

Compianto proceso

For human rights and environmental complaints relating to the company's own business activities, there is a BHR complaint procedure [Business and Human Rights] in place.

The BHR complaints procedure is defined in the Group Business and Human Rights Policy and is operated centrally by Porsche AG for the Porsche AG Group. Porsche AG uses a standardized process for any complaints received.

The Code of Conduct and information on how complaints are submitted and processed are described in the rules of procedure for the BHR complaints procedure. The rules of procedure are publicly accessible on the Porsche AG website and are therefore also available to workers in the value chain.
in 2023, Porsche AG's Executive Board established the Business and Human Rights Council (BHR Council) to monitor due diligence in terms of human rights and environmental matters according to the German Supply Chain Due Diligence Act (LKBD). This council is made up of members from multiple disciplines, is directly linked to the Executive Board and supported by its own office. The majority of the BHR Council's meetings are about events relating to human rights or the environment from the risk assessment and results from following up on complaints received.
If there is any suspicion that a direct or indirect supplier is not complying with sustainability requirements, the Supply Chain Grievance Mechanism (SCOM) comes into play. As part of this process, possible reports of качестве of the Porsche AG Group's sustainability requirements in the Code of Conduct for Business Partners are processed. Further information on the Code of Conduct for Business Partners can be found in

• 82 Washes on the value chain.

POLOES

Compliance and integrity are the subject of numerous policies and guidelines within the Porsche AG Group.
The Code of Conduct for employees summarizes the most important principles and expectations about acting lawfully, sustainably and with integrity for all employees and managers of the Porsche AG Group. For example, dealing with conflicts of interest, gifts and gratuities, combating corruption, appropriate behavior within the Porsche AG Group and toward customers, business partners and public officials as well as taking responsibility for the economy, the environment and society. The Code of Conduct serves as a policy for compliance with legal provisions and internal company policies within the scope of their activities for the Porsche AG Group.

The Code is aimed at all members of the Executive Board, members of management bodies, employees and managers throughout the Porsche AG Group. In is the responsibility of the Executive Board and is publicly available on the internet.

Employees who enter into a traineeship or employment with the Porsche AG Group receive awareness training on the Code of Conduct.

Porsche AG's cultural mission statement uses four main concepts (passion, pioneering spirit, sportsmanship, one family) to show "how we are." The Porsche Code was developed as a way to build on the cultural mission statement and supplements it with additional dimensions and behaviors. The Porsche Code provides all employees and managers of Porsche AG with a set of guidelines for their daily interactions with one another.

Integrity is a core value in the Porsche Code and forms a strong foundation for the organization. Employees and managers from different areas were involved in the development process via workshops that were moderated and designed internally. The Porsche Code was adopted by the Executive Board and is available to employees on the internet. It can be used by the Porsche Group companies for implementation locally.

In addition to the Porsche Code, the leadership criteria define additional requirements for management. The rate model function "getting an example of integrity and compliance" is one of these requirements. The leadership criteria serve as an assessment benchmark and feedback basis in the context of performance management and form the basis for all aptitude diagnostic procedures with regard to management development. Further information on this can be found in

• Integrity.

The Porsche AG Group expects compliance with applicable laws and basis ethical values from its own employees and its suppliers and sees shared values as the basis for a cooperation based on trust. The Code of Conduct for Business Partners translates these values into specific requirements.

The requirements are primarily derived from applicable laws and, as a rule, form a core part of the contracts. The Code of Conduct for Business Partners also obligates business partners to pass on the requirements to their own suppliers in the upstream supply chain and to set up appropriate controls to make sure they are being compiled with.

The Code of Conduct for Business Partners also includes guidelines on business ethics. The Porsche AG Group's direct suppliers may only make decisions based on objective criteria and must not allow themselves to be influenced by extraversus interests or relationships. Any form of corruption and uneaffected payments, including any facilitation payments for official acts, must be rejected and prevented. In addition, the applicable regulations governing anti-money (sandering must be somphed with. The direct suppliers must also comply with fair and free competition as well as the applicable competition and antitrust regulations and may not enter into any anticompetitive agreements.

The Code of Conduct for Business Partners in the responsibility of the Executive Board. It is available on the Porsche website in German and English.
"Futigies / I never prescribe own /intemational /abוקgnancies/reminders" compliance/reminders/

To ensure, for example, that the Code of Conduct for Business Partners is implemented in the value chain. Porsche AG uses the responsible supply chain system (ReISC system) to conduct a role-based review of selected business partners for adherence to regulations and compliance requirements. Potential improvements in compliance can be promoted through communication and a partnership approach.

With its declaration of intent to observe and promote human rights, the Porsche AG Group is committed to respecting human rights and, in particular, to promote good working conditions and fair trade. The declaration of intent describes the implementation of and compliance with human rights and environmental due diligence obligations pursuant to the LKBD within the Porsche AG Group. The declaration of intent is presented in detail in $\boldsymbol{\sim} 83$ How would you

The Group Labor and Social Security Law Policy aims to ensure that all labor and social security law regulations (including the German General Equal Treatment Act) are implemented within the Porsche AG Group in accordance with the law. The policy defines responsibilities, tasks and targets with regard to legal advice in the area of labor and social security law and requires all group companies to set up a complaint management system for discrimination cases in accordance with national legal requirements. Further information can be found in

• Complaints process and $\rightarrow 83$ How would you. The policy contains recommendations for the implementation of specified minimum standards and a mandatory, i.e. managers and supervisors must ensure that employees are aware of the requirements of this policy and comply with its provisions.

$\equiv \mathrm{Q} \leftarrow \rightarrow \leftarrow$	The policy describes the risk of breaches of antitrust or competition law regulations in relation to competitors or in relation to companies in the upstream or downstream production stage (e.g. independent Porsche imports/stealers, direct suppliers) or other third parties. The aim is to avoid this with a functioning compliance management system.
MAGAZINE
TO OUR SHARKHOLDERS	The Group Prevention of Money Laundering Policy describes the responsibilities and tasks with regard to the prevention of money laundering at Porsche AD and group companies within the scope. The policy is largely based on the German Anti-Money Laundering Act.
CORPORATE GOVERNANCE
CONEMED MANAGEMENT REPORT	The Group Whistleblower System Policy sets out rules for dealing with reports of breaches of regulations within the Porsche AD Group. It thus acts the framework for the Porsche AD Group's whistleblower system and aims to ensure compliant behavior in the best possible way by clarifying, remediying and, if necessary, punishing compliance breaches.
General disclosures	The office responsible for the whistleblower system is intended to be the primary (internal) reporting office for potential breaches of regulations, in addition, the policy provides for further reporting channels for internal and external whistleblowers, which are mentioned under Whistleblower system.
Social	The policy also describes how reports are investigated. Any breaches identified are responded to appropriately, for example in compliance with the applicable data protection, labor and co-determination laws.
Governance	The policy also describes how reports are investigated. Any breaches identified are responded to appropriately, for example in compliance with the applicable data protection, labor and co-determination laws.
Annex	The group policy represents provides for the protection of whistleblowers. Any discrimination or retaliation against whistleblowers because of their reporting will not be tolerated, and will be investigated and, if necessary, punished in accordance with this policy. Whistleblowers may make a report anonymously, provided that applicable national law does not expressly prohibit this. If they request that their identity not be disclosed elsewhere in the Porsche AD Group, this is ensured within the framework of applicable law.
FURTHER INFORMATION	The provision of the group policy take into account the requirements of the German Whistleblower Protection Act (HwGd/d).
ACTIVITIES	ACTIVES
The Porsche AD Group uses the aforementioned management approaches and policies to derive actions with which it aims to foster integrity and ethical conduct and positively influence the
FURTHER INFORMATION	culture of integrity within the automotive inhalants. These actions are implemented on an ongoing or ad hoc basis and were again carried out, followed up and reported on in the reporting year.

The Porsche AD Group's compliance program includes various preventive and reactive actions. Any need for action and preventive actions are defined continuously or as needed based on a systematic risk analysis that takes the business mode, relevant environmental conditions and the type of business relationships into account.

COMPLAANCE ADVICE
Employees at the Porsche AD Group can obtain confidential advice on all compliance issues. A central compliance help desk has been set up at the Porsche AD Group for this purpose.

Porsche Event and GIR Management [PVGM] advises employees of Porsche AD on benefits in the form of gifts and invitations

COMPARACATIVE AND TRAINING ON COMPLAANCE ISSUES
The managers and employees of Porsche AD and selected group companies receive regular information and training on relevant compliance issues. For example, indirect employees of Porsche AG have taken part in a mandatory digital learning module on the Code of Conduct every two years.

In the reporting year, compliance officers carried out communication initiatives at Porsche AD, such as posting articles and explanatory films online. There were also classroom and virtual events for employee training as well as digital learning modules.

The compliance officers perform compliance training at Porsche AD and selected group companies as part of various Hill programs. The compliance officers also organize training for specific departments and target groups, e.g. on legally required or current topics, or on request.

The relevant target groups and key content areas at Porsche AD are defined in a risk-based training concept. There are mandatory training formats in particular for managers, indirect and new employees.

For the reporting year, around G24 employees at Porsche AD received compliance training at classroom and virtual events, and 9,658 participants received compliance training through digital interactive training modules on the topics of anti corruption, prevention of money laundering and anti -trust law. The digital Code of Conduct training module was completed by 19,324 employees at Porsche AD. This training module covers the director of the same name and provides information about the whistleblower system and the contact details of the compliance help desk. The training also covers the content of the Avoidance of conflicts of interest and corruption and Human rights policies.

Porsche AD focuses on risk-based and target group-oriented training to reduce corruption risks such as conflicts of interest, improper benefits or money laundering. This involves the relevant employees of Porsche AD receiving regular training on the topic of anti-corruption. For the reporting year, 95.1\% of the relevant employees took part in anti-corruption training (or training on the Code of Conduct).

Employees can find further information about complianse related training and communications at Porsche AD on the intranet.

COMPARACATION AND TRAINING ON INTEGRTY
As part of integrity management, activities and actions targeting specific groups are carried out in the areas of communication and training. This is done on an ongoing or ad hoc basis, with employees at Porsche AD and selected group companies being trained in integrity on their way to becoming managers. New times are made aware of these topics through inebunding and integration formats.

The interdisciplinary multiplier network covering the brand, culture, and integrity provides Porsche AD employees with a platform to share their experiences, ideas, and presentations. It helps the ambassadors embed the topic of integrity within the departments. Employees can find bundled information on integrity on the intranet.

Aspects related to integrity are also addressed at all management levels through specific formats, initiatives and events. Managers also have access to a toolbox in their own special integrity section and apply this in day-to-day operations. It features self-reflection tools, dialog formats, and other information and initiatives relating to integrity. This way, as role models, managers can hold their own workshops to hone their understanding of integrity and, working with their employees, deliver and implement actions designed to improve integrity.

TRAINING ON THE WHISTLEBLOWEIF-SYSTEM
As part of the internal training on compliance, employees are also regularly informed about the whistleblower system and how potential breaches can be reported. Training on the Code of Conduct also includes the reporting channels for submitting reports.

TRAINING ON SUPPLIER RISK MANAGEMENT
Procurement employees of the Porsche AD Group received regular training on topics and current changes in the area of risk management in the reporting year, in particular on financial assessment processes.

INTEGRITY IN INTERACTION MANAGEMENT
New group companies are systematically introduced to the corporate culture of the Porsche AD Group through integration management. Minimum requirements on culture and integrity are discussed with the companies and their implementation is supported by providing advice on an ad hoc basis.

REVION OF BUSINESS PARTNERS
In order to ensure the Code of Conduct is implemented for business partners in the value chain, Porsche AG and selected group companies review their business partners for adherence to regulations and compliance requirements taking a risk-based approach before entering into a contractual relationship. Further information can also be found in the following section (c) $\rightarrow$ Management of relationships with suppliers.

REACTIVE ACTIONS AND SANCTIONS
As a key action for responding to potential breaches of compliance, the Porsche AD Group operates a whistleblower system that can be used to report employees at the Porsche AD Group for potentially breaching laws or internal regulations. See the section on this $\rightarrow$ Whistleblower system.

TABוןERS
The compliance organization of Porsche AG has developed general compliance targets to be achieved by the Compliance Management System based on general company targets, the corporate strategy and the Porsche AD Group's vision and mission and taking into account the regulations that are of particular importance to the Porsche AD Group. These targets include promoting compliant behavior and upholding the Porsche AD Group's regulation and protecting the company, its bodies and employees from legal and disciplinary consequences. In addition, the Porsche AD Group wants to continuously foster a responsible and value-based compliance culture.

$\equiv \quad \mathrm{Q} \leftarrow \rightarrow \leftarrow$	The aim of the integrity management initiatives and actions is to permanently entiend a value- and attitude-based culture.
MAGAZINE	Use compliance target is to carry out at least two communication initiatives per year on each compliance topic at Porsche 40. Compliance content and guidelines are to be communicated to the relevant target groups via formats such as films, intranet articles and virtual or classroom training. This target was achieved in the reporting year with no dedicated communication initiatives on the compliance topics of antiocruption, prevention of money laundering and anti-trust law.
COHERATE GOVERNANCE	Porsche AG has set itself the target of ensuring that compliance employees take part in at least two training events on the compliance topics of anti -ocruption, prevention of money laundering and anti-trust law per year. In terms of subject matter, these training events are to relate to each person's own area of responsibility within Porsche AG. They can be attended internally or externally and participation must be documented for example by means of a certificate. With the exception of employees who left during the reporting year or only started working in the Compliance department in the second half of 2024, all employees in their respective department took part in at least two training events in the reporting year.
CONSOLIDATED FINANCIAL STATEMENTS	The method used to monitor the three targets was to compare the target and actual values at year-end.
FURTHER INTERNATION	METHICS
Metrics on prevention and detection of corruption and bribery Within the Porsche AG Group, the functions exposed to an increased risk of corruption and bribery due to their tasks and responsibilities are defined as company level. In terms of anticonruption, these include the companies that regularly employ indirect employees. In terms of prevention of money laundering, these are the companies that have identified their own money laundering risks. 97.3\% of the risk functions defined for anticonruption at the Porsche AG Group have rolled out an anticonruption training concept. A training concept on money laundering prevention has been rolled out in 100\% of the risk functions defined for the Porsche AG Group.
	In the reporting year, there were no matters that led to convictions for violations of anti-corruption and anti-bribery laws or any fines within the Porsche AG Group.

Methods and assumptions

To determine the coverage rate for the topic of anti-corruption, the risk functions of the Porsche AG Group are asked whether indirect employees are employed and whether an anti corruption training concept has been rolled out. The results are then summarized at group level and a rate is calculated on this basis.

To determine the coverage rate for money laundering prevention, the Porsche AG Group risk functions are asked whether a training concept for money laundering prevention has been rolled out. The results are then summarized at group level and a rate is calculated on this basis.

The number of convictions and the amount of fines for violations of anti-corruption and anti-bribery laws are also requested from the group companies and aggregated in a next step.

Political influence and lobbying activities

The Porsche AG Group is committed to working across party lines to support strong, sustainable global trade. International competition, international business activities, freedom of movement for workers, and a global exchange of knowledge are the main prerequisites for the Porsche AG Group to be competitive. The Porsche AG Group welcomes international frameworks for improved sustainability and supports the Paris Agreement, including the 1.8°C goal. To the Porsche AG Group, these are the foundations of free, sustainable, fair and rolesbased international trading relationships. Detailed information about decarbonization can be found in $\star 81$ (descoe ctage).

STRAITING APPROACH
The Porsche AG Group operates in a complex and heavily regulated field. Whenever possible, the Porsche AG Group evaluates the potential consequences of its business decisions for the company and environment and factors them into its internal processes. Furthermore, the Porsche AG Group plays an active role in helping to structure the regulatory framework for its business operations. All political and regulatory decisions that create an appropriate framework for economic activity are of fundamental importance to the Porsche AG Group.

The Porsche AG Group is committed to creating an appropriate framework for the ramp-up of electromodality. In order to drive electromodality, the changing infrastructure should be expanded in a reliable and ambitious manner. E-mails should supplement the ramp-up of electromodality. The Porsche AG Group supports environmental and climate targets that are ambitious and at the same time economically feasible.

Remaining imperial in its dealings with political parties and interest groups is essential for the Porsche AG Group. In 2024, the Porsche AG Group did not make any financial or in-kind political contributions, such as party donations or sponsorship of party-political events.

At Porsche AG, the members of the Executive Board, the head of the Communications, Sustainability, and Politics department and the head of the Politics and Society department are responsible for activities relating to political lobbying. In the reporting year, none of the responsible bodies mentioned may positions in public administration or regulatory authorities.

The Politics and Society department is responsible for all political lobbying on behalf of the Porsche AG Group. It is a centralized coordination hub for concerted approaches and actions, and harmonized communication. Its duties also include organizing and supervising programs of political visits and events. Moreover, the department reports to the Executive Board on current political matters and developments regularly. Through its Governmental Affairs Steering Committee, the Politics and Society department coordinates the political activities of the Porsche AG Group while maintaining both a harmonized approach and consistent communication with stakeholders.

Involvement in associations

The Porsche AG Group is a member of the following associations (selection below):

1. German Association of the Automotive Industry (USA)
2. Südwestmetall (Baden-Württemberg employers' association for the metal and electrical industry)
3. Chamber of Commerce and Industry of the Stuttgart Region (UK)
4. Leipzig Chamber of Commerce and Industry (UK)
5. American Chamber of Commerce in Germany e.V. (AmCham Germany)
6. St. Petersburg (an organization dedicated to education, science, and innovation)

The Porsche AG Group also actively addresses current political issues through its involvement in selected associations. The Politics and Society department coordinates these activities as well. These activities are also subject to the principles of transparency, traceability, and responsibility. Competition and antitrust legislation, as well as other legal provisions, must always be taken into account. Inter alia, Porsche AG is registered in the Lobby Register (RDB1768).
4. https://www.lobbyregister.bundestag.de/116 lobby the German Bundestag and the German government as well as the BadenWürttemberg Transparency Register ( $\star$ https://www.tusthg-ges.de/der/fachsteg/transparencyinges). The Volkswagen Group (WG number: 65036541970-40), $\star$ https://transparency register.europa.eu/neuichregister-eu-uptake_au). In registered in the Transparency Register of the European Union, Nardi Technical Center S.i. is registered in the Lobby Register of the Apuila region in Italy (identification number 23).
5. https://lobbying.rugbose.ugsda.il/usds/?fp=332:236:460.

Other memberships of Porsche AG in associations are recorded in the Lobby Register for lobbying the German Bundestag and the German government

FOLCIES

Political influence and lobbying activities are regulated in the Group Principles of Communication and Governmental AffiaIn Policy. It requires every political activity to adhere to the principles of integrity, transparency and traceability.

This group policy sets out rules for inform communication within the Porsche AG Group - from national and international communications to communication with representatives from politics and society or leading representatives of authorities. It, therefore, also offers guidance on contact with political stakeholders and governs the process of political lobbying in coordination with the Volkswagen Group.

The policy is available on the intranet and applies to the entire Porsche AG Group. The Executive Board is responsible for the policy.

Strict national and international regulations on the prevention of corruption and bribery apply to dealings with officials and holders of political office, with which the Porsche AG Group complies. The allocation of donations and sponsorship money in connection with Porsche AG's social responsibility is also clearly regulated to avoid conflicts of interest $\star$ Corporate culture.

| $\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$ | ACTIONS |
| :--: |
| Through its Politics and Society department, the Porsche AG Group antibody lobbies for its positions in social and political discourse and decision-making processes. | As part of its risk assessment, Porsche AG regular's identities and evaluation relevant political developments as well as regulatory measures and uses these to derive recommendations on how the management of Porsche AG should act, taking into account a network of political decisionmakers and external networks, also considering association work, areas of responsibility and priority markets. |
| MAGAZINE | To this end, the Porsche AG Group regularly engages in a transparent, goal-driven socio-political dialog with governments, parliaments, authorities, associations, institutions, non-governmental organizations and civil society. |
| TO OUR DIAGREHOLIDERS | The employees of the Porsche AG Group who are indeed with political lobbying regularly coordinate their work with the Public Affairs division of the Volkswagen Group in order to ensure a coordinated approach and action plan as well as uniform communication with dialog partners worldwide for the Porsche AG Group. The Volkswagen Group maintains its own corporate representations, for instance, in Berlin and Brussels. These also take care on the political representation for the Porsche AG Group. |
| CORPORATE GOVERNANCE | As part of its risk assessment, Porsche AG regular's identities and evaluation relevant political developments as well as regulatory measures and uses these to derive recommendations on how the management of Porsche AG should act, taking into account a network of political decisionmakers and external networks, also considering association work, areas of responsibility and priority markets. |
| CONSOLIDATED FINANCIAL STATEMENTS | TARTHER INFORNATION |
| FURTHER INFORNATION | AtrTECTS Currently, the Porsche AG Group has not yet formulated a measurable, outcome-oriented and time-bound target within the meaning of the ESRS that could serve as a key performance indicator for the material impact. Threat to informed decisionmaking based on lobbying activities with regard to political engagement. ${ }^{1}$ As the impacts were only identified as material in the materially assessment carried out in the reporting year, there is currently no target. It is important for the Porsche AG Group to set sustainable and ambitious targets, the fulfilment of which will make a significant contribution to business conduct. To this end, the targets should ideally be based on evidence while concurrently complying with the legal provisions arising from the ESRS, among other things. |
| | INSTROLS |
| | Memoirs on political influence and lobbying activities Below, Porsche AG and its group comprises provide insights into their activities and obligations in connection with their political influence. |
| | The Porsche AG Group has not made any direct or indirect financial contributions or contributions in kind for political purposes worldwide. |

Methods and assumptions
To determine the financial or in-kind political contributions, the totals of these contributions are requested from the companies of the Porsche AG Group and aggregated at group level by country or geographical region and recipient.

Management of relationships with suppliers

including payment practices
As its range of vehicles is increasingly described, the supply chain of the Porsche AG Group is becoming increasingly complex: new components and types of technology are involved, and the number of direct suppliers of production materials is rising. The need for potentially high-risk raw materials, especially for high-voltage battery manufacturing, is also increasing. As the proportion of all-electric vehicles increases, the Porsche AG Group anticipates that the share of supply-chain-related carbon emissions could further increase, not taking into account the decarbonization measures. Further information can be found in $\boldsymbol{\sim \text { VI }}$ (Socuro change).

The legal requirements have also been requested by the new Supply Chain Due (Vigence Act (SASI)) Consequently, the significance of a responsible, environmentally friendly supply chain that respects human rights remains central to the Porsche AG Group.

Because of its products, the size of its production facilities and its global purchasing activities, the Porsche AG Group has a special responsibility to protect the environment and to comply with social standards. This includes respect for human rights and anti-corruption regulations as part of its business activities along the value chain. The Porsche AG Group also accepts this responsibility in its supplier relationships.

STRETED APPROACH
The Porsche AG Group is dependent on a complex supply chain. Disruptions to the supply chain have shown in the past that it is heavily dependent on global and geopolitical stability. Possible consequences of disruptions to the supply chain include losses in profit or a reduction in customer satisfaction.

Presentation supplier risk management

In order to avoid environmental and human rights risks in the global supply chains, the Porsche AG Group has systematically added processes and actions for respecting human rights to its company-wide risk and supplier management system in accordance with the provisions of the LASD. The Porsche AG Group's responsible supply chain system (SedZ system) aims to identify, avoid or minimize risks along the supply chain involving human rights, society and the environment.

Opportunities in the supply chain can arise through strategic value chain management and new strategic partnerships or the expansion of existing ones. Porsche AG's Risk Management department is responsible for implementing and further developing supplier risk management.

In addition, compliance management is also a key lever for the Porsche AG Group to avoid risks in connection with violations of antitrust or competition (see regulations. There may be an increased risk of violations, particularly in relation to competition in the upstream or downstream production stage. Avoidable violations may also occur with respect to other third parties.

The implementation of standardized processes, activities and responsibilities in transport management serves as the basis for drafting contracts with external service providers involved in similar processes within the Porsche AG Group.

The Procurement Central Functions, Strategy, Digitalization, Risk Prevention and Geoune Party department of Porsche AG coordinates sustainability in the supplier relationships and is therefore the central point of contact for evaluating and improving the sustainability performance of direct suppliers. Its tasks include evaluating and improving the sustainability performance of suppliers, increasing transparency in the supply chain and sourcing raw materials: responsible in terms of working and living conditions and environmental impact. The areas of responsibility also covers the reduction or avoidance of CO2 emissions and water emissions, the reduction of biodiversity loss and the improvement of the reayitability of products in the supply chain.

To support the implementation of the $\rightarrow$ Sustainability strategy, at a local level, local specification documents must be evaluated as a way of supporting strategic targets and actions. One such example is the requirements for awarding contracts to direct suppliers. Before a contract is awarded, Porsche AG's procurement performs a multi-stage review and analysis process to assess whether direct suppliers are eligible to be awarded a contract. Further information can be found in the following section on $\rightarrow$ Astines.

Sustainability criteria in new contracts

The Porsche AG Group implements defined sustainability criteria when it awards new contracts.

High-voltage battery cells for electric drives are a carbonintensive vehicle component to manufacture. This is why there is a specific award process for production materials for new allelectric vehicles; all direct suppliers in these vehicle projects must meet concrete specifications concerning the use of electricity from renewable energy sources, carbon-optimized primary materials and recycled materials. Since 2031, direct suppliers have been required to use electricity from renewable energy sources in the production of components for Porsche vehicles. Almost all direct suppliers of production materials have made a commitment to meet this requirement.

Sustainability rating for direct suppliers

Porsche AG uses the sustainability rating (S -rating) as another supply chain control instrument. Based on defined criteria, Porsche AG reviews the environmental, social and compliance behavior and compliance with the Code of Conduct for Business Partners of direct suppliers of production materials and selected direct suppliers of non-production materials. Further information can be found in the following section on $\rightarrow$ Astines.

Transparent payment processes

To increase transparency in the supply chain and to avoid attempts at corruption, Porsche AG has largely transitioned its payment practices to electronic processes. All relevant supplier information regarding involving to Porsche AG is available in the Porsche Newsroom. Direct contracts that partners are expected to send only electronic invoices. Direct suppliers of production material must send their invoices to Porsche AG via electronic data interchange (EDI) in the current VDA format. Invoices may only be issued via the Volkswagen Group's business platform (Firmax) (www.vigynapuquity.com in justified exceptional cases or in coordination with the Accounts Papable department at Porsche AG via email to a central medios or in paper form. They must always be sent to a fixed address. For its part, Porsche AG mainly provides electronic accounting records.

All invoices must be prepared in accordance with the applicable national VAT law. They must also contain a specific set of details (e.g. company name, invoice, supplier, order, delivery note and material number, tax rate and tax amount, unloading point, and the name of the point of contact at Porsche AG); all necessary documents must be attached.

Business partners can receive status information on invoices both on the Volkswagen Group's business platform (Financial application system, FIN) and via the Porsche Invoice Interaction Center (PIC) introduced at Porsche AG in 2024. A central unit at Porsche AG is responsible for receiving electronic invoices and for the tools used to provide the status of Porsche AG invoices.

	PŒ			PŒ
MAGAZINE
TO OUR DIAMONOLIDERS
CORPORATE GOVERNANCE
COMPRESENANCE
COMMED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
General disclosures
Environment
Social
Government
Social
Governance
Annex
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFERMATION
FURTHER INTERNATION

POLICES

The topic of managing relationships with suppliers, including payment practices, is included in various policies of the Porsche AG Group.

The group policies listed below apply to all group companies in the Porsche AG Group, which most implement them through a corresponding company policy. The interests of the group's own employees are taken into account in the formulation of group policies through the involvement of representatives of the group works council. The Executive Board of Porsche AG adopts the group policies, which are limiting for Porsche AG and must be compiled with its employees. The relevant group policies and documents are made available to employees on the dataset.

The objective of the Group Supplier Risk Management Policy is to standardize procedures intended to supply identify and control risks relating to direct suppliers who are financially unstable, in acute financial crisis, or insolvent. Standardized procedures are aimed at minimizing risks to supply due to restrictions in the direct supplier's ability to deliver for financial reasons and minimizing the resulting costs.

The Group Sustainability Policy stipulates that the Porsche AG Group aims to go beyond compliance with legal requirements by acting sustainably in order to secure the company's longterm success, contribute to sustainable development and strengthen and uphold society's acceptance of the company. Social and environmental concerns must be included in the company's considerations and decisions alongside economic aspects.

This policy also contains binding rules for the entire Porsche AG Group concerning the organization of the sustainability management, internal processes, topic management, project implementation, and communication of relevant sustainability topics. They enable the Porsche AG Group to ensure that the sustainability strategy is known and implemented throughout the Porsche AG Group.

Cross-functional and overall responsibility for sustainability lies with the Chairman of the Executive Board of Porsche AG, supported by the Member of the Executive Board responsible for Production and Logistics and the Member of the Executive Board responsible for Procurement. The letter two act as overseers of the sustainability strategy. The Executive Board is the highest body in charge of sustainable corporate development. It determines the fundamental strategic direction and concrete sustainability targets in strategy workshops.

The manual regulating sustainability management in supplier relationships provides the companies of the Porsche AG Group with an overarching framework for improving the sustainability performance of direct suppliers and the identification of risks among business partners and for dealing with any identified sustainability breaches in a uniform manner. The implementation of due diligence obligations extends to the Porsche AG Group's direct suppliers as well as to indirect suppliers on an ad hoc and risk-related basis. The companies in the Porsche AG Group are to be given the flexibility to implement these processes in a way that corresponds to their business activities. The manual also describes details of the processes and working methods in the answers on Supply Chain Grievance Mechanism (SCGM) and Sustainability Rating (S-rating).

It also defines the organization, tasks and responsibilities within the Porsche AG Group and specifies the implementation of existing regulations by the procurement organization of the Porsche AG Group in the context of supplier relationships.

The company policy on the procurement of production material at Porsche AG sets out a framework for the production material procurement process. This framework comprises two core processes: forward sourcing (for newly developed vehicle components) and global sourcing (for existing vehicle components). The policy defines the operational process stages and describe strategic procurement processes, procurement planning, and tool documentation as well as how price risks are to be handled.

The objective of the policy is more effective procurement on a standardized level of quality. In this way, Porsche AG aims to minimize as far as possible potential risks relating to costs, quality, supply, compliance with legal specification and official orders, scheduling, liability, and the financial stability of direct suppliers.

The relevant bodies are the Porsche Sourcing Committee (PSC PM) for the procurement of production materials and the premeeting or Corporate Sourcing Committee (CSC) of the Volkswagen Group, involving the relevant departments of the Porsche AG Group and in coordination on a case-by-case basis with the vehicle brands of the Volkswagen Group within the CSC, the PSC PM makes all decisions concerning contracts for purchased parts within the scope of the forward sourcing and global sourcing processes.

The Group Transport Management Policy describes standardized processes, activities and responsibilities in transport management. It covers the definition of requirements through to involving and serves as the basis for drafting contracts with external service providers involved in such processes within the Porsche AG Group.

The Group Corporate Finance and Treasury Policy regulates the main tasks and responsibilities relating to corporate finance and treasury within the Porsche AG Group. The Finance and Treasury division is responsible for e-payment, payment transactions, cash management, financing management and asset management and defines responsibilities for the coordination and execution of daily payment transactions as well as the timely management and safeguarding of electronic cash flows.

The provisions and actions laid down in the policy apply to all companies, including small and medium enterprises.

Other policies relating to supplier management are the Group
Antitrust and Competition Law Policy and the Code of Conduct
for Business Partners. More information can be found under
a Publicity and Equity of the Code of Conduct.

ACTIVING

The Porsche AG Group carries out various actions to positively shape the management of relationships with direct suppliers. A also pursues the goal of fostering cooperation with suppliers in the upstream value chain, based on partnership and trust.

These actions are implemented on an ongoing or ad hoc basis and were again carried out, followed up and reported on in the reporting year.

COMPLANCE REVIEW OF SUPPLERS
Before a contract is awarded to a direct supplier, Procurement at Porsche AG and selected group companies reviews the supplier to make sure it meets compliance requirements.

The risk review is IT-based and incorporates information from databases and, if necessary, self-assessments into a risk assessment. Depending on the assessment, further action such as external due diligence or the inclusion of supplementary contractual conditions is initiated, up to and including the exclusion of the supplier.

In the reporting year, there was no reason to terminate business relationships due to the identification of significant negative environmental impacts.

EUDIBILITY REVIEW OF SUPPLERS
Before a contract is awarded to a direct supplier, the Porsche AG Procurement department checks the supplier's financial status ("financial rating") and requests a current financial rating if necessary. The "Supplier Status" report is used for this purpose: it indicates whether direct suppliers of production materials and direct suppliers of non-production materials are considered eligible or ineligible to be awarded a contract from a financial standpoint.

Above all employees in the Procurement department are required to perform continuous reviews of the financial situation of direct suppliers and look out for potential indications of negative changes. It is critical development occurs, additional information about the financial situation of the direct suppliers must be obtained in coordination with the relevant department. More information can be found in $\rightarrow$ Above.

SUSTAINABILITY RATING (S-RATING)
Since 2015, Porsche AG has used the sustainability rating (S-rating) as a management tool for the supply chain as part of the procurement process. The S-rating is carried out on an ongoing basis.

Before a new contract is awarded, the S-rating review is carried out on a risk and ad hoc basis in a multi-stage process. As a first step, risk exposure is determined from a combination of a country risk, based on the site of production or last value added, and a self-assessment by the direct suppliers on company processes and policies. In addition, the sustainability performance of the companies is reviewed in risk-based audits. Data from a specialized service provider is used to determine the country risk. The risk exposure of the direct supplier determines how much detail the audit goes into.

The requirements for direct suppliers are reviewed using a standardized self-assessment questionnaire (SAQ). Since 2015, the SAQ has been mandatory as a minimum requirement for all supplier sites with ten or more employees within the scope of the S-rating.

The result of the S-rating is divided into three rating categories: Direct suppliers with an A- or B-rating meet the requirements of the Porsche AG Group and are therefore eligible to be awarded contracts. If a direct supplier does not meet the requirements for compliance with sustainability standards (C-rating), it is generally not eligible for contract awards. This provides a direct incentive for direct suppliers to improve their sustainability performance.

COMBINED MANAGEMENT REPORT

NON-FIRANCIAL STATEMENT
(part of the Contained Management Report)
General disclosures
Environment
Social
Governance
Armes
CONSOLIDATED FINANCIAL
STATEMENTS

FURTHER INTERNATION

If the results of the self-assessment are not satisfactory because the sustainability standards needed for the S-rating are not met at the direct suppliers or the required evidence is not provided, an on-site inspection may be carried out by an independent sustainability auditor. If any concerns are raised, the direct supplier is given a negative rating. If target achievement falls below a defined threshold, Porsche AG initiates a corrective action plan in collaboration with the supplier. The direct supplier must remedy the identified concerns within the agreed time frame, which the independent sustainability auditor verifies directly. As a matter of provigil, the suppliers concerned are not considered for contracts by Porsche AG until they meet the sustainability requirements.

Sustainability rating

Sustainability rating
A: Eligible for the award of contracts
B: Award of contracts with conditions
C: Not eligible for the award of contracts

To check compliance with the sustainability criteria, all employees involved in procurement at Porsche AG are
mandated to take part in training on the S-rating. The digital
learning module is also available on a voluntary basis to employees from all areas of Porsche AG to familiarize them with the concept and control options of the S-rating.

Employees in Procurement at Porsche AG and selected group companies had to complete one-off mandatory training on the topic of sustainability in supplier relationships and the S-rating in the reporting year.

SPECIFICATIONS
In addition to the provisions of the Code of Conduct for Business Partners, specifications aim to define further productand material-specific requirements for direct suppliers, including transparency and sustainability criteria.

The specifications apply on an ongoing and componentrelated basis.

SUPPLIER DEVELOPMENT/TRANING
In addition to employees of the Porsche AG Group, employees of selected direct suppliers also receive training on sustainability standards and integrity. These training courses, for example, are part of supplier development measures that also encompass other project management subject areas, such as capacity adjustment, cost optimization and reporting. In this way, Porsche AG is pursuing the goal of strengthening supply security for the series production of vehicles.

DIALOG ACTIVITIES WITH SUPPLIERS
Porsche AG is an active participant in the automotive industry consultation formats on the German Federal Government's National Action Plan (NAP) for Business and Human Rights. The aim is to make a contribution to strengthening human rights and shaping globalization in a socially responsible manner through the working conditions in the company's own business areas and in the supply chain.

Porsche AG also engages in a strategic sustainability dialog with selected direct suppliers to exchange information on relevant topics on an ongoing basis. The participants reflect on opportunities and challenges and determine approaches for sustainable actions.

Further information on dialog to support supplier relationships can be found in $\pm$ Q2 Windows in the online chat.

TARGETS
Since 2019, Porsche AG has used a sustainability rating as a management tool for its supply chain: the $\pm$ Sustainability rating (S-rating). The related target manages both the positive impact identified in connection with the management of relationships with suppliers and the impact on $\pm$ Q2 Windows in the online chat.

Specifically, in consultation with the relevant internal experts, Porsche AG has set itself the target of meeting the internal quality standards relating to sustainability (A- and B-rating) for $93 \%$ of the production material it purchases from direct suppliers by 2030 .

This means that over $93 \%$ of direct suppliers of production material and selected non-production material will achieve a positive S-rating (A- and B-rating) by this point in time based on revenue. The basis is a self-disclosure from the direct suppliers, which is followed by special-purpose on-site inspections if necessary.

In the reporting year, the targets for 2030 were reviewed and raised by 3 percentage points to $93 \%$ to maintain its high ambitions based on the target achieved previously.

For 2024, Porsche AG had set itself the target of $86 \%$ of direct suppliers receiving a positive S-rating. The degree of fulfillment stood at $93 \%$. The base figure in 2019 was $71 \%$.

The target was set as part of the $\pm$ Sustainability rating in the "Supply chain responsibility" strategy field, which aims to shape the supply chain responsibility, minimize risks and make a positive contribution for all partners.

The target and the analysis of material changes at divect suppliers are achieved through continuous monitoring and cooperation. The employees responsible for procurement can view the S-rating is a Volkswagen Group database. The results are regularly reported to the Volkswagen Group via the procurement strategy.

NETRICS
Metrics on relationships with suppliers including payment practices
Porsche AG and its subsidiaries regulate the terms of payment in connection with their suppliers in the standard terms and conditions of purchase. For Porsche AG, these stipulates that suppliers be paid within 30 days. The terms and conditions of the subsidiaries have different payment terms, in each case in accordance with national legal requirements. Payment terms here range from 30 to 90 days. The standard terms of payment generally apply; individual deviations are however possible as part of a negotiated supplier contract. There is no standard deviation for a specific group of suppliers. The Porsche AG Group pays its liabilities within the payment terms described above.

On average, the Porsche AG Group takes 45 days to settle on involve. This figure was calculated based on the days payable outstanding (DPD) in the Porsche AG Group.

Methods and assumptions
The Porsche AG Group uses the DPD to determine the average time required to settle an involve. This is taken from the defined items of trade payables and sales revenue from the financial reporting. The formula for the calculation is as follows:

$$
\underline{\text { Trade payables as of } 31.12 .}
$$

Sales revenue for the reporting year

Stoitgart, February 24, 2025
Dr. Ing. h.c. F. Porsche Aktiengesellschaft
The Executive Board

	List of datapoints in cross-cutting and topical standards that derive from other EU legislation
	Residence requirement and related datapoint			Pillar 2 reference	Residence regulation reference	EU Clinical Law reference	Material/ Test material
	ESRS 2 OCH-1	Board's gender diversity paragraph 21 (a)	Indicator number 13 of Table #1 of Annex 1		Commission Delegated Regulation (EU) 2020/1181b, Annex 8		■
	ESRS 2 OCH-1	Percentage of board members who are independent paragraph 21 (a)			Delegated Regulation (EU) 2020/1181b, Annex 8		■
TG OUR SHAREHOLDERS	ESRS 2 OCH-4	Statement on due diligence paragraph 30	Indicator number 10 Table #3 of Annex I				■
	ESRS 2 SBM-1	Involvement in activities related to fossil fuel activities paragraph 40 (d)	Indicators number 4 Table #1 of Annex I	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/3463 Table 1; Qualitative information on Environmental risk and Table 2; Qualitative information on Social risk	Delegated Regulation (EU) 2020/1181b, Annex 8	$\square$
CORPORATE GOVERNANCE	ESRS 2 SBM-1	Involvement in activities related to chemical production paragraph 40 (d) a	Indicator number 9 Table #2 of Annex I				$\square$
	ESRS 2 SBM-1	Involvement in activities related to controversial weapons paragraph 40 (d) a	Indicator number 14 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1181b, Annex 8		$\square$
	ESRS 2 SBM-1	Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) e			Delegated Regulation (EU) 2020/1181b, Article 13(1) Delegated Regulation (EU) 2020/1181b, Annex 8		$\square$
General disclosures	ESRS 2 SBM-1	Transition plan to reach climate neutrality by 2050 paragraph 14
Environment	ESRS 21-1	Undertealings excluded from Paris-aligned Benchmarks paragraph 14 (g)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/3463 Template 1; Banking book-Climate Change transition rule; Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1181B, Article12.1 (d) to (g), and Article 12.2	$\square$
Governance
) Annex
	ESRS 21-4	GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/3463 Template 3; Banking book-Climate change transition rule; elignment metrics	Delegated Regulation (EU) 2020/1181B, Article 6
CONSOLIDATED FINANCIAL STATEMENTS
	ESRS 21-5	Energy consumption from fossil sources disaggregated by sources [only high climate impact sectors] paragraph 38	Indicator number 5 Table #1 and Indicator number 5 Table #2 of Annex 1
	ESRS 21-5	Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1
	ESRS 21-5	Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1
	ESRS 21-6	Gross scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1		Article 449a, Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/3463 Template 1; Banking book-Climate change transition rule; Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1181B, Article 5(1), 6 and 8(1)
	ESRS 21-6	Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #1 of Annex 1		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/3463 Template 3; Banking book-Climate change transition rule; alignment metrics	Delegated Regulation (EU) 2020/1181B, Article 8(1)

		Disclosure requirement and related datapoint	SPIIR relevance	Title: E-elevance	Emotionally reguletion relevance	EU Clinical Law relevance	Material that material	Designation (age) relevance
	ESRS E1-7	OHD terminals and carbon credits paragraph 5b				Regulation (EU) (2021/1119, Article 2(1)	$\square$
MAGAZINE	ESRS E1-9	Exposure of the benchmark portfolio to climate-related physical risks paragraph 6A			Delegated Regulation (EU) (2020/1818, Annex A) Delegated Regulation (EU) (2020/1819, Annex C		$\square$
TO OUR SHARKHOLDERS	ESRS E1-9	Disaggregation of monetary amounts by acute and chronic physical risk paragraph 6A (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 6A (c).			Article 449a Regulation (EU) No 570/2013; Commission Implementing Regulation (EU) (2020/2442) Local graph 4b and 4C; Simplers 0; Working table - Climate change physical risk fragments subject to physical risk.		$\square$
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT	ESRS E1-9	Breakdown of the carrying value of its real estate assets by energyefficiency classes paragraph 67 (c).			Article 449a Regulation (EU) No 570/2013; Commission Implementing Regulation (EU) (2020/2442) Local graph 4b; Simplers 0; Working table - Climate change transition risk; Loans substandard by innumerable property Energy efficiency of the collateral		$\square$
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	ESRS E1-9	Degree of exposure of the portfolio to climate-related opportunities paragraph 6B				Delegated Regulation (EU) (2020/1818, Annex F)	$\square$
General disclosures	ESRS E2-4	Amount of each pollutant listed in Annex E of the E-PBTB Regulation (European Pollutant Release and Transfer Register) emitted to an, water and soil, paragraph 2B	Indicator number 8 Table #1 of Annex 1, Indicator number 2 Table #2 of Annex 1, Indicator number 1 Table #3 of Annex 1, Indicator number 3 Table #4 of Annex 1				■	p. 205
Environment	ESRS E3-1	Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1				■	p. $206-201$
Social	ESRS E3-1	Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1				$\square$
Governance	ESRS E3-1	Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1				$\square$
Annex	ESRS E3-4	Total water recycled and reused paragraph 2B (c)	Indicator number 6,2 Table #2 of Annex 1				■	p. 200
	ESRS E3-4	Total water consumption in m3 per net revenue on own operations paragraph 2B	Indicator number 6,1 Table #2 of Annex 1				■	p. 200
CONSOLIDATED FINANCIAL STATEMENTS	ESRS 2-400 1-6A	Paragraph 1b (a)	Indicator number 7 Table #1 of Annex 1				■	p. $206-201$
	ESRS 2-400 1-6A	Paragraph 1b (b)	Indicator number 10 Table #2 of Annex 1				■	p. $206-201$
	ESRS 2-400 1-6A	Paragraph 1b (c)	Indicator number 14 Table #2 of Annex 1				■	p. $206-201$
	ESRS 2-4	Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1				$\square$
	ESRS E4-2	Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1				$\square$
	ESRS E4-2	Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #2 of Annex 1				$\square$
	ESRS E5-5	Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1				■	p. 264
	ESRS E5-5	Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1				■	p. 264
	ESRS 2-SBMS-51	Risk of incidents of forced labour paragraph 14 (f)	Indicator number 12 Table #3 of Annex I				$\square$
	ESRS S1-1	Human rights policy commitments paragraph 20	Indicator number 12 Table #3 of Annex I				■	p. $216-276$ 287 - 389
	ESRS S1-1	Case diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 21				Delegated Regulation (EU) (2020/1819, Annex F)	■	p. $216-276$ 287 - 389
	ESRS S1-1	Processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I				$\square$
	ESRS S1-1	Workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I				■	p. $216-277$
	ESRS S1-3	Unevence/complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #3 of Annex I				■	p. 273

	Disclosure requirement and related datapoint	SPDB reference	Title: 5 reference	Emotional regulation reference	EU Clinical use reference	Material that	Designation stage reference
	ESRS 01-14	Number of fatalities and number and rate of work-related accidents paragraph 8B (b) and (c)	Indicator number 2 Table #3 of Annex I		Delegated Regulation (EU) 2020/11816, Annex II	■	p. 286
	ESRS 01-14	Number of days lost to injuries, accidents, fatalities or illness paragraph 8B (e)	Indicator number 3 Table #3 of Annex I			■	p. 286-289
	SRS 01-14	Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I		Delegated Regulation (EU) 2020/11816, Annex II	■	p. 294
TO OUR SHAREHOLDERS	ESRS 01-14	Excessive (32) pay ratio paragraph 97 (e)	Indicator number 8 Table #3 of Annex I			■	p. 294
	ESRS 01-17	Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I			■	p. 296
CORPORATE GOVERNANCE	ESRS 01-17	Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)	Indicator number 10 Table #1 and Indicator number 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/11816, Annex II Delegated Regulation (EU) 2020/11816 \&n 12 (1)	■	p. 296
COMMONED MANAGEMENT REPORT	ESRS 2- SBM3-52	Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and number 13 Table #3 of Annex I			○
	ESRS 02-1	Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I			■	p. 300-304
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	ESRS 02-1	Policies related to value chain workers paragraph 18 of Annex I	Indicator number 11 and number 4 Table #3 of Annex I			■	p. 302-304
	ESRS 02-1	Nonrespect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex I		Delegated Regulation (EU) 2020/11816, Annex II Delegated Regulation (EU) 2020/11816, \&n 12 (1)
General disclosures	ESRS 02-1	Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 19			Delegated Regulation (EU) 2020/11816, Annex II	■	p. 302-304
Enviroment	ESRS 02-4	Human rights issues and incidents connected to an upstream and downstream value chain paragraph 3b	Indicator number 14 Table #3 of Annex I			■	p. 304-305
Social Governance	ESRS 03-1	Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1			○
	ESRS 03-1	Non-respect of UNGPs on Business and Human Rights, 9.0 principles or and OECD guidelines paragraph 17	Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU)		2020/11816, Annex II Delegated Regulation (EU) 2020/11816, \&n 12 (1)	○
CONSOLIDATED FINANCIAL STATEMENTS	ESRS 03-4	Human rights issues and incidents paragraph 3b	Indicator number 14 Table #3 of Annex 1			○
	ESRS 04-1	Policies related to consumers and end-users paragraph 1b	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1			■	p. 314-315
FURTHER INFORMATICN	ESRS 04-1	Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/11816, Annex II Delegated Regulation (EU) 2020/11816, \&n 12 (1)	■	p. 314-315
	ESRS 04-4	Human rights issues and incidents paragraph 3b	Indicator number 14 Table #3 of Annex 1			○
	ESRS 01-1	United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #3 of Annex 1			■	p. 301-309
	ESRS 01-1	Protection of whistle-towers paragraph 10 (d)	Indicator number 6 Table #3 of Annex 1			○
	ESRS 01-4	Fives for relation of anti-corruption and anti-brillery laws paragraph 24 (a)	Indicator number 17 Table #3 of Annex 1		Delegated Regulation (EU) 2020/11816, Annex II)	■	p. 309
	ESRS 01-4	Standards of anti-corruption and anti- bribery paragraph 24 (b)	Indicator number 16 Table #3 of Annex 1			■	p. 309

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

OF DR. ING. H.C. F. PORISCHE AKTIENGESELLSCHAFT AS OF DECEMBER 31, 2024

MAGAZINE

TO OUR SHAREHOLDERS

COMPORATE GOVERNANCE
	Assets	Nov. 31, 2024	Dec. 31, 2023
CONSINED MANAGEMENT REPORT
	Non-current assets	33,239	30,407
	Intangible assets	13	8,947
	Property, plant and equipment	14,36	10,048
	Leased assets	15,35	5,393
	Equity accounted investments	16	627
	Other equity investments	16	892
CONSOLIDATED FINANCIAL STATEMENTS	Financial services receivables	19	5,078
	Other financial assets	20	1,496
	Other receivables	21	66
	Deferred tax assets	22	698
	Current assets	20,288	20,040
	Inventories	17	4,136
	Trade receivables	18	1,340
	Financial services receivables	19	1,808
1	Consolidated statement of financial position	Other financial assets	20
	Other receivables	21	1,136
	Tax receivables	22	289
	Securities and time deposits	23	1,968
	Cash and cash equivalents	24	4,384
	Assets held for sale
	Total assets	53,527	50,447

Notes to the consolidated financial statements

FURTHER INFORMATION

E-other	Nov. 31, 2024	Dec. 31, 2023
	Equity and liabilities
Equity	25	23,056
Subscribed capital		917
Capital reserves		3,822
Retained earnings		17,993
Other reserves		317
Equity attributable to Porsche AG shareholders		23,043
Non-controlling interests		13
Non-current liabilities	14,128	15,211
Provisions for pensions and similar obligations	26	4,074
Other provisions	27	1,386
Deferred tax liabilities	32	2,114
Financial liabilities	28	7,160
Other financial liabilities	30	477
Other liabilities	31	919
Current liabilities	14,243	13,567
Provisions for taxes	32	195
Other provisions	27	3,438
Financial liabilities	28	4,253
Trade payables	29	3,378
Other financial liabilities	30	1,153
Other liabilities	31	1,894
Tax payables	32	33
Liabilities associated with assets held for sale		5
Total equity and liabilities	53,527	50,447

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

OF OR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FOR THE PERIOD FROM JANUARY 1 TO DECEMBER 31, 2024

Equity is explained in note $\mathbf{2 0} \mathbf{2 0 0 0 1 1}$

MAGAZINE
TO OUR SHAREHOLDERS
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION

SIGNIFICANT EVENTS

VASmart GmbH \& Co. KG and VARTA AG

In order to secure future supplies, Porsche AG and VARTA AG signed an investment agreement on October 9, 2024 relating to VASmart GmbH \& Co. KG (formerly: VASLive Battery GmbH), a wholly owned subsidiary of VARTA AG. The agreement provides for an investment by Porsche AG in the development and production of large- format lithium-ion round cells and will give Porsche AG a majority shareholding in VASmart GmbH \& Co. KG upon completion of the transaction. Completion of the majority takeover is contingent on various factors, including antitrust approvals in various countries and the successful restructuring of VARTA AG in accordance with the German Act on the Stabilization and Restructuring Framework for Businesses (StaRfCG). Against this background, Porsche AG is also participating with other investors in the planned financial restructuring of VARTA AG as part of the StaRfCG proceedings. An investor agreement to this effect was concluded on October 3, 2024.

These two investments are expected to be completed at the beginning of March 2025. There was no impact on the Porsche AG Group's results of operations, financial position and net assets in the past fiscal year.

IMPACT OF CLIMATE CHANGE

Against the background of climate change and the associated tightening of emissions regulations, the transformation of the automotive industry is moving toward electromobility and further digitalization.

When preparing the consolidated financial statements, the Executive Board took into account the potential impact of climate change and future regulatory requirements, in particular the associated transformation toward electromobility. Potential effects, in particular on non-current assets, provisions for emission charges and future cash flows were included, where possible, in the significant accounting judgments and estimates being incorporated into the consolidated financial statements. The impact of the transformation of the business toward electromobility is taken into account in the multi-year operational planning and thus in the calculation of future cash flows when determining the recoverable amount in an impairment test of goodwill and of intangible assets with an indefinite useful life. This applies in particular for the planning of future vehicle models and investments in development costs as well as production facilities. Furthermore, the Porsche AG Group regularly assesses whether these developments give rise to the need for ad hoc impairment tests or for adjustments to the useful lives of other non-current non-financial assets. With reference to increasingly stringent emissions regulations, it is ensured that the various international regulations are taken into account and any obligations are recognized appropriately. This did not result in any material effects on the consolidated financial statements. The increase in development costs in the areas of electromobility and digitalization have, however, led to a corresponding increase in internally generated intangible assets.

For a detailed presentation of how sustainability has been taken into account in the group strategy, please refer to the section - Strategic direction of the Porsche AG Group. At well as the section - Strategic, business model and value share. In the combined management report with non-financial statement.

BASIS OF CONSOLIDATION

In addition to Porsche AG, the consolidated financial statements include all significant German and foreign subsidiaries, including structured entities, that are controlled directly or indirectly by Porsche AG. The main purpose of the structured entities is to facilitate asset-backed securities transactions for the purpose of refinancing the financial services business and to invest financial resources in special securities funds.

Subsidiaries whose business is dormant or insignificant, both individually or in the aggregate, for the presentation of a true and fair view of the results of operations, financial position and net assets as well as the cash flows of the Porsche AG Group are not consolidated. They are carried in the consolidated financial statements at cost less any impairments and reversals of impairments required to be recognized.

Significant companies where Porsche AG is able, directly or indirectly, to significantly influence financial and operating policy decisions (associates), or where Porsche AG has joint control, directly or indirectly, together with another party [joint ventures], are accounted for at equity. Insignificant associates and joint ventures are generally recognized at their respective acquisition cost, taking into account any impairment losses and reversals of impairments.

The composition of the Porsche AG Group is shown in the table below.

	2024	2023
Parent company and consolidated subsidiaries including special security funds
Germany	26	27
Abroad	60	40
Subsidiaries carried at cost
Germany	12	13
Abroad	47	47
Associates, joint ventures and other equity investments
Germany	37	33
Abroad	57	49
	265	264

The list of all the shareholdings, which forms part of the annual financial statements of Porsche AG, is presented in the $<$ BILLOF OF SHAREHOLDERS.

$\equiv \mathrm{Q} \longleftarrow \longrightarrow \longleftarrow$
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION

IFRS 5 - Assets held for sale

In accordance with the requirements of IFRS 5, two Russian distribution companies in the automotive segment, OOO Porsche Russia, Moscow, and OOO Porsche Center Moscow, Moscow, and a Russian company allocated to the financial services segment, OOO Porsche Financial Services Russia, Moscow, have been classified as a disposal group held for sale since September 2022. An impairment loss of €25 million was recognized for the disposal group in the fiscal year 2022 and a further impairment loss and offsetting currency translation effects were identified in the fiscal year 2023. There were no other material adjustments in the first nine months of 2024, in the fourth quarter of 2024, the Russian companies were deconsolidated. Deconsolidation resulted in a loss of €53.7 million, which was recognized in the other operating expenses; the amount includes in particular the classification of foreign exchange differences to the income statement.

EFFECTS OF NEW OR AMENDED IFRS

Porsche AG and its subsidiaries have applied all accounting pronouncements adopted by the EU and effective for periods beginning in the fiscal year 2024.

Amendments to IAS 1 clarifying the classification of liabilities as current or non-current have been mandatory since January 1, 2024. This affects in particular liabilities whose maturity date is linked to certain covenants. The decisive factor for classification is whether there is a contractual option on the reporting date to defer settlement for at least twelve months.

Amendments to IAS 7 IFRS 7 have also had to be implemented since January 1, 2024, resulting in additional disclosures in the notes on supply chain financing, in particular reverse factoring agreements. This is intended to make their effects on liabilities, cash flows and liquidity risks more transparent. In this first reporting year 2024, no disclosures or adjustments for prior years are required.

Amendments were also made to IFRS 16 that have likewise been applicable since January 1, 2024. These amendments essentially aim to ensure that variable lease payments under a sale and leaseback transaction that are not based on an index or interest rate are recognized as a lease liability.

The above amendments do not materially affect the Porsche AG Group's results of operations, financial position and net assets.

NEW AND AMENDED IFRIS NOT APPLIED

In its 2024 consolidated financial statements, Porsche AG did not apply the following accounting standards that have been adopted by the IAGB as of December 31, 2024 but whose application was not yet mandatory for the fiscal year.

CURRENCY TRANSLATION

The Porsche AG Group uses the rates of an external market data provider. All rates are based on the respective euro exchange rates. All non-euro exchange rate combinations are derived from these rates.

		Chizing rate			Average rate
		$\begin{aligned} & \text { E1 } \ & 0 \end{aligned}$	$\begin{aligned} & \text { No. } 31,2024 \ & 1 \end{aligned}$	$\begin{aligned} & \text { No. } 31,2025 \ & 0 \end{aligned}$		$\begin{aligned} & \text { E224 } \ & 1 \end{aligned}$
Australia		AUD	1,6761	1,6792	1,6401	1,6266
Brazil		BRL	6,6316	6,5760	6,6092	6,6331
China		CIM	7,5986	7,6700	7,7861	7,6598
United Kingdom		UBP	0,8302	0,8691	0,8467	0,8700
Hong Kong		HMO	8,0843	8,0529	8,4420	8,4685
Japan		JPY	163,2300	154,7930	163,8226	151,9382
Canada		CAD	1,4972	1,4681	1,4819	1,4596
Republic of Korea		KPM	1,534,3200	1,442,7100	1,479,4560	1,413,5547
Russia		KUO	112,4384	99,9661	100,2263	92,3994
Switzerland		CHF	0,9421	0,9364	0,9526	0,9718
USA		USO	1,0410	1,1077	1,0820	1,0817

MAGAZINE
TO OUR SHAREHOLDERS	Intangible assets not acquired in a business combination are initially recognized at cost in accordance with IAS 38 plus costs directly attributable to the acquisition. The cost of intangible assets acquired as part of a business combination is their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses.
CORPORATE GOVERNANCE
CONEINED MANAGEMENT REPORT	The useful lives of intangible assets are assessed as either finite or indefinite.
NON-FINANCIAL STATEMENT (part of the Continent Management Report)	Purchased intangible assets with a finite useful life are amortized, generally on a straight-line basis, over their useful life, taking any impairments into account. Useful lives range from three to five years. Useful lives, residual values and methods of amortization are reviewed, and adjusted if appropriate, at least at the end of the reporting year. If adjustments are made, these are accounted for as changes in estimates.
CONSOLIDATED FINANCIAL STATEMENTS	Goodwill, intangible assets with indefinite useful lives and intangible assets that are not yet ready for use are not amortized. Each individual asset or cash-generating unit is tested at least once a year for impairment. If there is impairment, an impairment loss is recognized. Intangible assets with indefinite useful lives are reviewed once a year to determine whether the indefinite life assessment continues to be supportable. If this is no longer the case, the change in useful life from indefinite to finite is made on a prospective basis.
Consolidated income statement	Development costs are recognized for products provided that expenditures can be clearly allocated and all other recognition criteria of IAS 38 are met. The capitalized development costs include all direct costs and production overheads directly attributable to the development process incurred after the point in time at which all recognition criteria are met. Capitalized development costs are amortized beginning at the start of use (e.g., start of production) using the straight-line method over the expected product life cycle, taking any impairments into account. Useful lives mainly range from three to nine years. Research and non-capitalizable development costs are expensed as incurred.
Consolidated statement of comprehensive income	The amortization of intangible assets is allocated to the corresponding functional areas.
Consolidated statement of financial position	Property, plant and equipment
Consolidated statement of changes in equity	Items of property, plant and equipment are measured at cost less depreciation and, if necessary, impairment losses. Investment subsidies received are generally deducted from cost. Special operational equipment is reported under other equipment, furniture and fixtures. Property, plant and equipment is depreciated pro rata temporio on a straight-line basis over the expected useful life.
Convoluted statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION

Asso

Office and factory buildings
Technical equipment and machinery
Other equipment, furniture and fixtures
Residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at each reporting date. The depreciation of property, plant and equipment is allocated to the corresponding functional areas.

Right-of-use assets/lease liabilities

The right-of-use assets for leases recognized in the statement of financial position are reported in those items that the assets underlying the lease would be reported in if they were owned by the Porsche AG Group. As of the reporting date, right-of-use assets are therefore recognized under non-current assets, mainly in the item "Property, plant and equipment".
There are practical expedients for short-term leases and leases of low-value assets. The Porsche AG Group takes advantage of these and consequently does not recognize right-of-use assets or lease liabilities for such leases. The associated lease payments are recognized directly in profit or loss as an expense. Losses of low-value assets are those where the value of the leased asset does not exceed $\$ 0,000$ when new. Furthermore, the accounting requirements of IFRS 1 is are not applied to leases of intangible assets.

Many leases contain extension and termination options.

Leased assets

Vehicle-based out under operating leases are recognized at cost and depreciated on a straight-line basis to their calculated residual value over the term of the lease. Depending on the local circumstances and past experience from used vehicle sales, regularly updated internal and external data on the development of residual values are included in the residual value forecast. In doing so, assumptions must primarily be made about future vehicle supply and demand, as well as movements in vehicle prices. These assumptions are based on either qualified estimates or information published by external experts. Qualified estimates are based on external data, where available, and take into account additional information available internally, such as past experience and recent sales information.

Capitalization of borrowing costs

Borrowing costs for qualifying assets are capitalized as part of the cost of the asset. A qualifying asset is an asset that necessarily takes at least a year to get ready for its intended use.

Equity-accounted investments

The cost of shares in associates is generally accounted for using the equity method. When reviewing the
responsability of the net investment, the recoverable amount is determined using the principles described for indefinite-lived intangible assets.

MAGAZINE
TO OUR SHARKHOLDERS		The recoverable amount is determined in the course of impairment testing and is generally determined separately for each asset. If it is not possible to determine the recoverable amount for an individual asset because it does not generate cash inflows that are largely independent of the cash inflows from other assets, it is determined on the basis of a group of assets that constitutes a cash-generating unit.
CORPORATE GOVERNANCE		To determine whether goodwill has to be impaired, the corresponding automotive or financial services segment is generally used as cash-generating unit. For intangible assets as well as for property, plant and equipment, the automotive segment forms the cash-generating unit and is the basis for the impairment test. If the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, an impairment loss is recognized to account for the difference.
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)		The recoverable amount of an asset or a cash-generating unit is the higher of fair value less costs to sell and value in use. The fair value less costs to sell is the amount obtainable from the sale of an asset or cash-generating unit in an arm is length transaction between knowledgeable, willing parties, less the costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset or cash-generating unit, excluding finance costs and income tax expense. Value in use is determined using the discounted cash flow method or capitalized earnings method on the basis of the estimated future cash flows expected to arise from the continuing use of the asset.
CONSOLIDATED FINANCIAL STATEMENTS		To determine whether goodwill, intangible assets as well as property, plant and equipment are impaired, the group uses the value in use.
Consolidated income statement		Value in use is determined based on a multi-year operational plan prepared by management including material assumptions about growth and the volume of unit sales. The planning period generally extends over five years. Measures decided on after the reporting date to strengthen the earnings power in the short and medium term, in particular the expansion of the product portfolio, have not been taken into account in the impairment test as of December 31, 2024 due to the reporting date principle. The Porsche AG Group's planning is based on the assumption that global economic output in 2025 will grow overall, albeit at a somewhat slower pace than 2024. Failing inflation in major economic regions and the resulting seasing of monetary policy are expected to have a positive impact on private demand. Risks will continue to arise from increasing fragmentation of the global economy and protectionist tendencies as well as turbulence in the financial markets. These will continue to negatively impact the growth prospects. Negative effects are also expected from ongoing geopolitical tensions and conflicts as well as uncertainties related to the political direction of the USA. It is assumed that both the advanced economies and emerging markets will record weaker momentum on average than in the reporting year. The volume planning of the Porsche AG Group reflects the aforementioned regional differences and takes into account the effects of currently known regional conflicts. The Chinese and US markets in particular are expected to be challenging due to protectionist tendencies as well as increased competition in China. The planning also assumes that the transformation toward electromobility will be slower than the prior year. Positive price effects will be complemented by a globally well-balanced and value-oriented sales structure. The negative impact on earnings expected from 2025 onwards due to continuously rising material costs as well as emissions and fuel consumption regulations will be offset by efficiency programs. The "Road to 20" strategic program is designed to intensify existing activities with a focus on optimizing the cost structure in the long term.

The recoverable amount is determined based on current planning as well as reasonable assumptions about macroeconomic trends (currency, interest rate and commodity price trends) as well as historical developments. An anticipated growth rate of 1.0% is used as a basis for determining the cash flows after the end of the planning period. The growth rate is based on the circumstances specific to the industry and takes into account the specific price and cost situation.

In the case of assets that are not yet available for use, impairment testing is carried out upon initial recognition and subsequently once per year on the basis of the current business plan. Assets already in use are only tested for impairment if there is a triggering event. Value in use is determined for the impairment testing using a market oriented discount rate for similar risks. The determination of the cost of capital rates is based on a rate of interest for risk-free investments. Furthermore, in addition to a market risk premium, specific peer group information is taken into account on beta factors, leverage ratio and borrowing rate. The composition of the peer groups used to determine beta factors is reviewed on an ongoing basis and modified when necessary. This results in a weighted average cost of capital before tax of $10.8 \%(2023: 10.7 \%)$.

Any impairment of leased assets from vehicle leasing contracts, determined by impairment testing in accordance with IAS 36 , is reflected in impairment losses and adjusted rates of depreciation. Depending on the local circumstances and past experience from used vehicle sales, regularly updated internal and external data on the development of residual values are included in the residual value forecast. In doing so, assumptions must primarily be made about future vehicle supply and demand, as well as movements in vehicle prices. These assumptions are based on either qualified estimates or information published by external experts. Qualified estimates are based on external data, where available, and take into account additional information available internally, such as past experience and recent sales information.

An impairment loss is allocated to the corresponding functional area and is recognized in the income statement in the item "amortization of intangible assets and depreciation of property, plant and equipment and leased assets" if the recoverable amount of the asset is lower than its carrying amount.

A review of whether the reasons for a previously recognized impairment loss still exist is carried out on an annual basis. If the reasons for impairment losses recognized in prior years no longer exist, they are reversed through profit or loss (with the exception of goodwill). The amount reversed cannot result in a carrying amount that exceeds the amount that would have been determined as the carrying amount, net of depreciation and amortization, had no impairment loss been recognized for the asset in prior years.

Based on the impairment test carried out in 2024, the recoverable amounts exceed the net assets of the group's cash-generating units. Sensitivity analyses were carried out in order to be able to test recoverability in the event of changes to key assumptions. Recoverability is given even if assumptions vary.

Inventories

Inventories primarily include raw materials, consumables and supplies, work in progress and finished goods which are carried at the lower of cost or net realizable value. Borrowing costs are not capitalized. Inventories of a similar nature are generally measured using the weighted average cost method.

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MAGAZINE
TO OUR SHARKHOLDEWS
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
) Notes to the consolidated financial statements
FURTHER INFORMATION

Long-term construction contracts

For contracts under which performance is satisfied over time, revenue is recognized in accordance with the stage of completion. The stage of completion is determined as the proportion that contract costs incurred by the end of the reporting period (see to the estimated total contract costs [cost-to-cost method]. Contract costs incurred are often the best way to measure the stage of completion of the performance obligation. If the outcome of a performance obligation satisfied over time is not yet sufficiently certain, but the company expects to at least have its costs refunded by the customer, revenue is recognized only to the extent of contract costs incurred [zero profit method]. As long-term construction contracts regularly involve contingent receivables due from the customer until they are completed or the customer pays, corresponding contract assets are recognized. As soon as the company's performance is complete, a trade receivable is recognized. Any negative balance is reported under other payables. The principle of measuring assets at the lower of carrying amount and net realizable value is observed.

Financial instruments
Regular way purchases or sales of financial instruments are accounted for at the settlement date, i.e., the date on which the asset is delivered.

The Porsche AG Group allocates financial assets and liabilities to the "at amortized cost" and "at fair value" classes.

Financial assets and liabilities measured at amortized cost
Financial assets measured at amortized cost using the effective interest method are

• receivables from the financial services business,
• trade receivables,
• other receivables and financial assets,
• time deposits, and
• cash and cash equivalents.

The financial liabilities measured at amortized cost using the effective interest method arise from

• trade payables,
• other financial liabilities,
• liabilities to banks,
• bonds, commercial papers and notes,
• loans.

For reasons of materiality, discounting or unwinding of discounts is not applied to current receivables and liabilities (due within one year).

Financial assets and liabilities measured at fair value
Financial assets that are equity instruments are measured at fair value. For the most part, the Porsche AG Group exercises the option to recognize subsequent fair value changes through other comprehensive income. The only exceptions are interests in companies that are not material to the consolidated financial statements and in those that do not conduct business operations. For such interests, reasonable fair values that are free from major fluctuations cannot be reliably determined without undue cost or effort. Such interests are therefore measured at amortized cost.

Within the Porsche AG Group, the category "Financial assets at fair value through profit or loss" mainly comprises - hedging relationships not within hedge accounting and - investment fund units.

Financial liabilities at fair value through profit or loss relate to derivatives not within hedge accounting.
Fair value generally corresponds to the market or quoted prices (level 1). If no active market exists, the fair value is determined where possible using observable inputs other than quoted prices (level 2). If no observable inputs are available, 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 and -as far as possible-is verified by
confrontations from the banks that handle the transactions (level 3).
For current receivables and payables, amortized cost generally corresponds to the principal or repayment amount. The Porsche AG Group does not exercise the fair value option for financial assets and liabilities.

Shares in subsidiaries, associates and joint ventures that are neither consolidated nor accounted for using the equity method for reasons of materiality do not fall within the scope of IFRS 9 and IFRS 7.

Derivatives and hedge accounting

Porsche AG Group companies use derivatives to hedge future cash flows (hedged items). Appropriate derivatives such as swaps, forward transactions and options are used as hedging instruments.

When hedging future cash flows, the hedging instrument is measured at fair value. The designated effective portion of the hedging instrument is recognized in OCI-I and the non-designated effective portion of the hedging instruments is recognized in OCI-II. They are only recognized in profit or loss or in the eventories when the hedged item is recognized in profit and loss. The ineffective portion of a cash flow hedge is immediately recognized in profit or loss.

Derivatives used by the Porsche AG Group for financial management purposes to hedge against interest rate, currency, commodity price, share and bond role, but that do not meet the strict hedge accounting criteria of IFRS 9 , are classified as financial assets and liabilities at fair value through profit or loss (also referred to below as derivatives not within hedge accounting). This also applies to share options. As a general rule, external hedging instruments of intragroup hedged items that are subsequently eliminated in the consolidated financial statements are also assigned to this category. Assets and liabilities measured at fair value through profit or loss consist of derivatives or components of derivatives that are not within hedge accounting. These relate, for example, to nondesignated forward exchange transactions and interest rate hedges.

Impairment of financial instruments

Financial assets are exposed to default risk, which is taken into account by recognizing loss allowances or, if losses have already been incurred, by recognizing impairment losses. Default risk on loans and receivables in the financial services segment is accounted for by recognizing specific loss allowances and general loss allowances.

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftarrow$	In particular, in accordance with group-wide standards, a less allowance is recognized on these financial assets in the amount of the expected loss. The actual specific loss allowances for the losses incurred are then charged to this loss allowance. A potential impairment is assumed not only for delayed payments of more than 100 days, the institution of enforcement measures, the threat of insolvency or overindictedness, application for or the opening of insolvency proceedings or the failure of financial reorganization measures, but also for receivables that are not past due.
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION

In particular, in accordance with group-wide standards, a less allowance is recognized on these financial assets in the amount of the expected loss. The actual specific loss allowances for the losses incurred are then charged to this loss allowance. A potential impairment is assumed not only for delayed payments of more than 100 days, the institution of enforcement measures, the threat of insolvency or overindictedness, application for or the opening of insolvency proceedings or the failure of financial reorganization measures, but also for receivables that are not past due.

Insignificant receivables and significant individual receivables for which there is no indication of impairment are grouped together into homogeneous portfolio on the basis of comparable credit risk characteristics and allocated by risk class. Average historical default probabilities are used in combination with forward-tasking parameters for the respective portfolio are used to calculate the amount of the impairment loss.

Credit risks must be considered for all financial assets measured at amortized cost, as well as for contract assets in accordance with IFRS 15 and lease receivables within the scope of IFRS 16. The rules on impairment also apply to risks from irrevocable credit commitments and to the measurement of financial guarantees.

As a matter of principle, a simplified process, which takes historical default rates into account, and specific loss allowances are used to account for impairment losses on receivables outside the financial services segment.

Deferred taxes

Deferred tax assets are measured taking into account estimates regarding the future availability of taxable income. This includes the amount and nature of this taxable income, the periods in which it is expected as well as available tax planning measures. The measurement of deferred tax assets for tax loss carryforwards is generally based on future taxable income over a planning horizon of five fiscal years. A previously unrecognized deferred tax asset is reassessed on an annual basis and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Loss allowances are recognized on deferred tax assets when it is unlikely that sufficient future taxable income will be available within a reasonable period of time against which the deductible temporary differences, tax loss carryforwards and tax credits can be offset.

The tax consequences of profit distributions are taken into consideration as soon as the profit distributions are planned.

Current taxes

Current income taxes are measured as income tax assets and liabilities for current and prior periods at the amount expected to be refunded by or paid to the taxation authorities. Therefore, current taxes recognized in the fiscal year also include adjustments for uncertain tax payments or refunds for periods that have not yet been finally assessed, excluding interest and penalties on back taxes. Provisions are recognized for potential obligations in respect of such tax assessments that have not yet been finally reviewed by the tax authorities. Any such identified tax risk is measured on the basis of the most likely value to be recognized to reflect the risk, should it materialize.

Share-based payment

Share-based payment comprises performance share plans, i.e., payment plans that are settled in cash and accounted for in accordance with IFRS 2.

Other provisions

Provisions not resulting in an outflow of resources within one year are recognized at their settlement value discounted to the reporting date. The discount factor is based on market interest rates. In the eurozone, an average interest rate of $2.61 \%$ (2023: $2.87 \%$ ) was used. The settlement amount also includes the expected cost increases.

Other liabilities (not included within the scope of a specific IFRS) Other non-current liabilities not included within the scope of a specific IFRS are carried at amortized cost in the statement of financial position. Differences between their historical cost and their repayment amount are accounted for using the effective interest method.

Other current liabilities not included within the scope of a specific IFRS are recognized at their repayment or settlement value.

Revenue and expenses

Revenue, interest and commission income from financial services and other operating income are recognized only when the relevant services have been rendered or the customer has obtained control of the goods or services. Revenue is reported net of discounts, customer bonuses and related.

Sales allowances and other variable consideration are measured on the basis of experience and by taking account of current circumstances. Vehicles are normally sold to dealers on payment terms. A trade receivable is recognized for the period between vehicle delivery and receipt of payment. Financing components included therein are only accrued if the period between the transfer of the goods and the payment of consideration is longer than one year and the amount to be accrued is material.

Revenue from receivables from financial services is recognized using the effective interest method. Income from operating leases is recorded on a straight-line basis over the term of the agreement.

Revenue from long-term construction contracts is recognized in accordance with the percentage of completion method.

If services are sold to the customer together with the vehicle and the customer pays for them in advance, the group recognizes a corresponding contract liability until the services have been rendered. Examples of services that customers pay for in advance include servicing, maintenance and certain guarantee contracts, as well as mobile online services.

Sales revenue from extended warranties or maintenance agreements is recognized when services are rendered. In the case of advance payments, deferred income is recognized proportionately by reference to the costs expected to be incurred, based on experience.

For extended warranties granted to customers for a specific model, a provision is generally recognized in the same way as for statutory warranties. If the warranty is optional for the customer or contains an additional service component, the related revenue is deferred and recognized over the warranty term.

Income from assets for which a group entity has a buy-back obligation is not recognized until the assets have finally left the group. If a fixed-reportable price was agreed when the contract was concluded, the difference between the selling and repurchase price is recognized as income-istably over the term of the contract. Until the end of the contract term, the assets are reported in inventories in case of current contract end dates and in leased assets in the case of non-current contract end dates.

Sales revenue is generally measured at the price determined in the contract. If variable consideration (e.g., volumebased bonuses) has been agreed in a contract, the large number of contracts means that revenue is generally estimated using the expected value method. The most probable amount method may also be used in exceptional cases. Once the expected sales revenue has been estimated, an additional check is performed to determine whether there are uncertainties that make it necessary to reduce the revenue initially recognized in order to effectively rule out the risk of subsequently adjusting that revenue downwards. Provisions for reimbursements mainly result from dealer bonuses. In the case of multiple-element arrangements, the transaction price is allocated to the various performance obligations under the contract on the basis of the relative stand-alone selling prices. For reasons of materiality, the Porcuite AD Group generally recognizes nonvehicle-related services at their stand-alone selling price.

	$\begin{aligned} & \text { Q } \ & \text { E } \end{aligned} \leftarrow \rightarrow \leftarrow \leftarrow \end{aligned}$
MAGAZINE
TO OUR DIAMEHOLIZERS	Revenue is generally recorded separately for each business transaction. If two or more transactions are linked in such a way that the commercial effect cannot be understood without reference to the series of transactions as a whole, the criteria for revenue recognition are applied to these transactions as a whole. If, for example, loan or lease agreements in the financial services segment are entered into at below market interest rates to promote sales of new vehicles, revenue is reduced by the incentive arising from the agreement.
CORPORATE GOVERNANCE
CORRENED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continent Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income	In the case of financial instruments measured at amortized cost, interest income and expenses are determined using the effective interest rate.
Consolidated statement of financial position	Production-related expenses are recognized upon delivery or utilization of the service, while all other expenses are recognized as an expense as incurred. The same applies for development costs not eligible for recognition as part of the cost of an asset.
Consolidated statement of changes in equity	Provisions for warranty claims are recognized upon sale of the related products.
Consolidated statement of cash flows	Cost of sales include the costs incurred to generate the sales revenue and the cost of goods purchased for resale. This item also includes the cost of additions to warranty provisions. Research and development costs not eligible for capitalization and amortization of development costs are likewise carried under cost of sales. Interest and commission expenses incurred in connection with the financial services business are also reported in cost of sales.
Notes to the consolidated financial statements
FURTHER INFORMATION	Government grants for assets are deducted when determining the carrying amount of the asset and recognized in profit or loss over the life of the depreciable asset by way of a reduced depreciation change. Government grants that compensate group companies for expenses incurred are generally recognized in profit or loss in the period and allocated to those items in which the expenses to be compensated were incurred.
	Significant accounting judgments and estimates
	The preparation of consolidated financial statements requires certain assumptions and estimates that have an effect on the recognition, measurement and presentation of the assets, liabilities, income and expenses as well as on the disclosure on contingent assets and liabilities of the reporting period. These assumptions, judgments and estimates reflect all the information currently available. The assumptions and estimates relate to the following principal matters:
	The estimation and determination of uniform group useful laws and depreciation methods for fixed assets subject to wear and tear [carrying amount of farnishes, industrial rights and other intangible assets on December 31, 2024: €863 million (2023: €760 million) carrying amount of capitalized development costs for products in use as of December 31, 2024: €4,992 million (2023: €3,025 million) carrying amount of property, plant and equipment subject to wear and tear excluding factors and office buildings on December 31, 2024: €3,970 million (2023: €3,132 million)] are based on past experience and are reviewed regularly. A change in estimates results in an adjustment to the residual useful life and, if appropriate, an impairment loss. The lease term is determined in accordance with IFRS 16 based on the non-cancellable period of the lease and an assessment of whether existing options to extend or terminate the lease will be exercised. The determination of the lease term and the discount rates used affects the amounts to be recognized for the right-of-use assets (carrying amount of right-of-use assets on December 31, 2024: €1,063 million (2023: €982 million) and the lease liabilities [carrying amount of lease liabilities on December 31, 2024: €1,142 million (2023: €1,047 million)].

Determining the timing for the capitalization of development costs [carrying amount of the capitalized development costs as of December 31, 2024: €8,092 million (2023: €7,570 million)] requires assumptions and estimates of probabilities, particularly with respect to the technical feasibility of the development work and the availability of adequate technical, financial and other resources such that the development can be completed and the development work can be used or sold. In addition, the underlying cost components to be capitalized are also subject to judgment.

Testing the non-financial assets for impairment (particularly capitalized development costs) as well as investments accounted for at equity or at cost and the measurement of shares not traded in an active market and options on such shares [carrying amount of equity-accounted investments and other investments as of December 31, 2024: €1,519 million (2023: €1,465 million)] requires assumptions with respect to the future cash flows during the planning period and, possibly beyond it, as well as about the discount rate to be applied. The estimates required to be made for the purpose of deriving the cash flows mainly relate to future market shares, growth in the respective markets and the profitability of the products. When determining cash flows for conducting impairment tests on companies or equity investments with new technology operations, it is of particular importance to assess whether these new technologies are technically feasible and have the potential for industrial use.

In connection with the impairment testing of intangible assets [carrying amount of intangible assets as of December 31, 2024: €8,941 million (2023: €8,004 million)], property, plant and equipment [carrying amount of property, plant and equipment as of December 31, 2024: €10,048 million (2023: €9,394 million)] and leased assets [carrying amount of leased assets as of December 31, 2024: €6,393 million (2023: €4,190 million)] judgments are made, in particular, with regard to the determination of indicators that property, plant and equipment and leased assets are impaired. The assessment of the cash-generating unit subject to the impairment test requires judgment. The recoverability of the leased assets of the Porsche AD Group depends in particular on the estimate of the residual value of the leased vehicles after the end of the lease term as this constitutes a significant portion of the expected cash inflows (please refer to the section on impairments of leased assets in note «16. Leaseis assets).

For more information on impairment testing and on the measurement parameters used please refer to the explanations on impairment testing above.

In the absence of observable market values, the determination of the fair value of assets and liabilities acquired in a business combination is based on recognized valuation techniques such as the license price analogy method or the residual value method.

The designation of hedging instruments for hedge accounting requires in particular assumptions and estimates with respect to the underlying probabilities that revenue will be generated in the future from hedged currencies and with respect to the interest rates and the course of financing. The carrying amounts concerned are presented in the statement of changes in equity.

Testing financial assets for impairment requires estimates concerning the amount and probability of occurrence of future events. As far as possible, the estimates are arrived at on the basis of current market data as well as rating grades and scoring information based on experience. Further details on calculating loss allowances can be found in note «16. Financial, inter-assessment and financial, relationships, and financials.

The accounting treatment and measurement of provisions [carrying amount of provisions as of December 31, 2024: €9,091 million (2023: €8,698 million)] is also based on estimates of the amount and probability of occurrence of future events as well as estimates of the discount rate. Experience or external appraisals are also drawn upon where possible. The measurement of provisions for pensions [carrying amount of provisions for pensions and similar obligations on December 31, 2024: €4,074 million (2023: €4,310 million)] is additionally dependent on the estimated development of the plan assets. The assumptions underlying the calculation of provisions for pensions and similar obligations are presented in note «16. HONORING THE PROGRESS AND SINGAROSE, SUCCINSORTS. Actual gain and losses from changes in measurement parameters are recorded directly in equity and have no effect on the result presented in the income statement. Changes in estimates relating to the amount of other provisions (carrying amount of other provisions as of December 31, 2024: €4,823 million (2023: €4,256 million)] are always recognized in profit or loss. Provisions are regularly adjusted to take account of new information. Due to the use of expected values, it is often the case that unused provisions are reversed or that

	$Q$	$r$	$\leftarrow$	$\leftarrow$
MAGAZINE
	TO OUR EHARKHOLIDERS
	CORPORATE GOVERNANCE
	COMMERED MANAGEMENT REPORT
	NON-FINANCIAL STATEMENT (part of the Continent Management Report)
	CONSOLIDATED FINANCIAL STATEMENTS
	Consolidated income statement
	Consolidated statement of comprehensive income
	Consolidated statement of financial position
	Consolidated statement of changes in equity
	Consolidated statement of cash flows
	Notes to the consolidated financial statements
	FURTHER INFORMATION

subsequent additions are made to provisions. Similarly to the expenses for recognizing new provisions, income from the reversal of provisions is largely allocated to the respective functions. Warranty claims from sales transactions are calculated on the basis of losses to date, estimated future losses and the policy on ex gratia arrangements. Individual technical risks identified are recorded separately. This requires assumptions to be made about the nature and extent of future cases relating to guarantee, warranty and goodwill payments. For the provisions recognized, assumptions were made in particular in relation to working hours, material costs and hours wage rates depending on the series, model year and country concerned. These assumptions are based on qualified estimates. The estimates rely on external data, taking into account additional information available internally such as experience relating to the parameters mentioned.

For an overview of other provisions and provisions from sales, see note +25 WJH-CURENCH AND CLINICAY OTHER PROCEDURE and for litigation see also note +46 LITIGATON.

Porsche AG and its subsidiaries have operations worldwide and are audited by local tax authorities on an ongoing basis. Changes in tax legislation and court ratings and their interpretation by tax authorities in the respective countries may result in tax payments that differ from the estimates made in the financial statements.

Tax provisions were recognized for potential future payments of tax arrears. Other provisions were recognized for ancillary tax payments arising in this connection. These income tax items included in the statement of financial position whose amount is uncertain are based on the best estimate of the expected tax payment.

Tax provisions are measured on the basis of the most likely value at which the risk will materialize. If there are multiple tax risks, the Porsche AG Group decides based on the merits of the individual case whether to account for them individually or in groups, depending on which type of presentation is appropriate for assessing the extent to which the tax risk will materialize. Impairment tests were performed when determining the deferred tax assets.

Transfer prices for intragroup business relationships are subject to tax law requirements in Germany and many other countries. The provisions are based on the arm's length principle, which requires that business conditions agree between related parties must be the same as those that would have been agreed between third parties. To ensure that this requirement is met and the associated transfer pricing risks are minimized, the Porsche Group tax guidelines and the Volkswagen AG Group transfer pricing guideline apply to transfer pricing in the Porsche AG Group. Where possible and appropriate, advance pricing arrangements (APAs) are also used to provide additional legal certainty with regard to cross-border transfer pricing.

If actual developments differ from the assumptions made for recognizing the provisions, the figures actually recorded may differ compared to the estimates expected originally.

Determining deferred tax assets [carrying amount of deferred tax assets as of December 31, 2024: 6d/48 million (2023: 8 627 million)] requires assumptions to be made concerning future taxable profit and the timing of the realization of the deferred tax assets. Income tax items included in the statement of financial position whose amount is uncertain are based on the best estimate of the expected tax payment.

The recognition of government grants is based on an assessment of whether there is reasonable assurance that the group companies will fulfil the conditions attached to the grant and that the grant will in fact be awarded. This estimate is based on the nature of the legal entitlement and past experience.

The assumptions and estimates are based on premises that are derived from the current information available. The anticipated future business development was assessed by reference to the circumstances prevailing at the time of preparing the consolidated financial statements and the realistically assumed future development of the global and industry-specific environment. Since the future development of business is subject to uncertainty that cannot be fully controlled by the Porsche AG Group, the assumptions and estimates continue to be subject to a high level of uncertainty. This applies in particular to short- and medium-term forecast cash flows, the discount rates used and forecast residual values.

Factors that may cause variances from the assumptions and estimates include new information about the buying behavior in the sales markets and in response to this changes in planning, dependency on suppliers, in particular exclusive suppliers, developments in exchange rates, interest rates and the prices of commodities as well as environmental or other legal provisions. Where the development of these circumstances differs from the assumptions and lies outside the control of management, the actual figures may differ from those originally expected. In such cases, the underlying assumptions and, if necessary, the carrying amounts of the assets and liabilities concerned, are adjusted accordingly.

In 2024, the global economy continued to recover but at a somewhat slower pace than the prior year. This trend was seen in both the advanced economies and the emerging markets. The Porsche AG Group's planning is based on the assumption that global economic output in 2025 will grow overall, albeit at a somewhat slower pace than 2024. Failing inflation in major economic regions and the resulting easing of monetary policy are expected to have a positive impact on private demand. Risks will continue to arise from increasing fragmentation of the global economy and protectorist tendencies as well as turbulence in the financial markets. These will continue to negatively impact the growth prospects. Negative effects are also expected from ongoing geopolitical tensions and conflicts as well as uncertainties related to the political direction of the USA. It is assumed that both the advanced economies and emerging markets will record weaker momentum on average than in the reporting year.

Significant accounting judgments and estimates were based in particular on assumptions relating to the development of the general economic environment, the automotive markets and the legal environment. These as well as further assumptions are explained in detail in the report on expected developments, which forms part of the combined management report.

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MAGAZINE
TO OUR SHAREHOLDERS
CORPORATE GOVERNANCE
CONEHRED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLOVATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of
Consolidated statement of financial position
Consolidated statement of
Consolidated statement of
Consolidated statement of cash flow
	Notes to the consolidated financial statements

SEGMENT REPORTING

The segments are based on the internal management and reporting within the Porsche AD Group. This takes into account the group objectives and policies set by the Executive Board of Porsche AD. 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 AD Group, the segment result is determined on the basis of the operating profit after tax.

Reconsiliation includes consolidation between the segments.

Investments in intangible assets and property, plant and equipment are reported net of investments in right-of-use assets from leases.

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

Reporting segments 2024

		Financial	Financial	Total	Reconsideration	Porsche AD
$t$-value	Automotive
Sales revenue from external customers	36,085	3,780	39,864	219	40,083
Intersegment sales revenue	354	130	484	$-484$	-
Total sales revenue	36,438	3,910	40,349	$-366$	40,083
Cost of sales	$-26,489$	$-3,565$	$-30,054$	298	$-29,756$
Segment profit (operating profit)	5,286	278	5,564	73	5,637	$-34$
Depreciation and amortization	2,982	915	3,897	$-39$	3,858
Impairment losses	3	207	210	-	210
Reversal of impairment losses	0	158	158	-	158
Investments in intangible assets and property, plant and equipment	3,700	46	3,748	8	3,756

PARTNER INFORMATION

Reposition

		2024
Segment sales revenue		40,349	40,793
Consolidation		$-266$	$-264$
Group sales revenue		40,083	40,530
Segment cost of sales		$-30,054$	$-29,184$
Consolidation		298	267
Cost of sales ${ }^{1}$		$-29,756$	$-28,924$
Segment profit (operating profit)		5,564	7,241
Consolidation		73	44
Operating profit		5,637	7,284
Financial result		$-409$	91
Consolidated profit before tax		5,237	7,375
Cost of sales is presented separately as of fiscal year 2024. The prior-year figures have been adjusted to reflect the change.

Other revenue mainly contains income from mobile services, consulting, development services and workshop
services. In addition, other revenue contains insurance premiums from warranty insurance for used vehicles of
€14b million (2023-€121 million).
Of the sales revenue recognized in the reporting period, an amount of 6904 million (2023-€733 million) was included in contract liabilities as of January 1, 2024. The performance obligations that were not yet fulfilled as of the reporting date relate primarily to extended warranties and service contracts as well as mobile online services and vehicle deliveries, most of which are expected to be fulfilled so far which sales revenue is expected to be recognized by December 31, 2025.

The vast majority of the sales revenue expected from orders as of the reporting date relate to vehicle sales. The resulting sales revenue will be recognized in the short term. The services included in these vehicle sales that do not lead to sales revenue until subsequent years make up only an insignificant portion of expected sales revenue. Use is therefore made of the practical expedient pursuant to IFRS 15, according to which a quantified order backlog as of the reporting date is not disclosed an account of the short-term nature and lack of informative value.

$\equiv \quad \mathrm{Q} \quad \leftarrow \quad \rightarrow \quad \leftarrow$	Deferred tax assets		Deferred tax liabilities
	Dec. 01, 2024	Dec. 01, 2023	Dec. 01, 2024	Dec. 01, 2023
E-Value
	$\begin{aligned} & \text { Dec. } 01,2024 \ & \text { Dec. } 01,2025 \end{aligned}$	$\begin{aligned} & \text { Dec. } 01,2024 \ & \text { Dec. } 01,2026 \end{aligned}$
Intangible assets, property, plant and
equipment and leased assets	8	10	3,307	3,394
Other equity investments	11	15	2	1
Inventories	30	30	34	21
Receivables and other assets
(intoxifying financial services)	21	26	211	385
Securities	0	0	-	0
Unused tax loss carryforwards and tax credits	17	2	-	-
Provision for pensions and similar obligations	516	642	16	19
Liabilities and other provisions	1,698	1,512	4	67
Gross value	2,216	2,237	3,973	3,896
Offspring	$-1,976$	$-1,990$	$-1,876$	$-1,990$
Consolidation	369	380	177	104
Amount recognized in the consolidated	698	627	2,114	2,010
statement of financial position
Consolidated statement of
changes in equity
Consolidated statement of cash
flows
Notes to the consolidated financial statements
FURTHER INFORMATION

The respective local tax rates for foreign entities range between $9 \%$ and $34 \%$ (2023: between $0 \%$ and $34 \%$ ). These predominantly lower local tax rates, together with the lower German tax rate on income from securities, resulted in a different tax burden compared to the group tax rate. Tax rate changes led to tax income in the reporting period of €1 million (2023: €5 million).

Tax-free income amounts to €21 million (2023: €11 million) and non-deductible expenses increased to
€179 million (2023: €100 million). This increase in tax-free income and non-deductible expenses is mainly due to
loss allowances on investments and profit lines from investments accounted for using the equity method. The
increase in tax-free income and non-deductible expenses totaling €69 million is mainly due to impairments on equity investments and profit shares from investments accounted for using the equity method.
The tax loss carryforwards as well as the lapse of previously unused tax loss carryforwards developed as follows:

	Pensionally unused tax loss carryforwards		Threedossuclid tax loss carryforwards
E-Value	Dec. 01, 2024	Dec. 01, 2023	Dec. 01, 2024	Dec. 01, 2025
Non-equiring tax loss carryforwards	50	45	19	43
Equity within 10 years	18	17	13	17
Equity over 10 years	87	39	43	34
Total	150	101	75	94

The tax loss carryforwards mainly stem from Luxembourg (€81 million) (2023: €33 million ), Germany
(€43 million) (2023: €38 million) and the USA (€14 million) (2023: €14 million).Of these total tax loss carryforwards, total deferred taxes of €17 million (2023: €2 million) were recognized for tax loss carryforwards and tax credits.

Deferred taxes by statement of financial position item

The following recognized deferred tax assets and liabilities were attributable to recognition and measurement differences in the individual items of the statement of financial position and to tax loss carryforwards:

Reversals of impairments were not recognized on deferred tax assets for temporary differences (2023: €1 million).
As of the reporting date, deferred taxes totaling €164 million (2023: €305 million as a decrease in equity) were recognized in the statement of financial position as an increase in equity; these are allowable to income and expenses recorded in other comprehensive income.
Deferred tax assets of €20 million (2023: €3 million) were recognized without matching deferred tax liabilities. The companies concerned can expect future tax benefits following losses in the current fiscal year or the prior year.

In accordance with IAS 12.39, deferred tax liabilities were not recognized for temporary differences on undistributed profits at subsidiaries of Porsche AG in the amount of €286 million (2023: €242 million) because control is given.

Global minimum taxation

The model rules published by the OECD on global minimum taxation (Pillav 2) were enacted or largely enacted in certain countries in which the Porsche AG Group operates. In Germany, the legislation came into force for the Porsche AG Group for the fiscal year beginning on January 1, 2024. The Porsche AG Group falls within the scope of the enacted or largely enacted legislation and has assessed the expected tax burden of the Porsche AG Group with regard to global minimum taxation.

The assessment of the potential risk arising from minimum taxation is based on the most recent country-bycountry report and financial statements of Porsche AG Group's affiliates. In almost all countries in which the Porsche AG Group operates, the effective tax rates of Pillav 2 are over 15\%. The United Arab Emirates and Ireland are the only countries where the temporary sale harbor exemption does not apply and the effective Pillav 2 tax rate is under 15\%. The Porsche AG Group's expenses related to the introduction of global minimum taxation (Pillav 2) totaled €2 million in the fiscal year. The Porsche AG Group has applied the exception to the recognition and disclosure of deferred taxes in connection with Pillav 2 income taxes.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftrightarrow$
MAGAZINE	It will be proposed to the Annual General Meeting of Porsche AG that, of the net retained profit of €2,100 million (2023) €3,420 million), a total dividend of €2,100 million be distributed, i.e., €2.30 per ordinary share and €2.31 per preferred share. Shareholders are not entitled to a dividend payment until a resolution has been taken by the Annual General Meeting.
TO OUR SHAREHOLDEWS
CORPORATE GOVERNANCE	In the fiscal year 2024, Porsche AG's Annual General Meeting on June 7, 2024 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 brought the total amount distributed to $€ 2,100$ million.
COMPREED MANAGEMENT REPORT		Other reserves
		The other reserves are the reserves for currency translation, for cash flow hedges (DO I), for deferred hedging costs (DO II), for equity and debt instruments and for equity-associated investments.
NON-FINANCIAL STATEMENT (part of the Continual Management Report)	The currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. In addition, exchange differences from the translation of capital have been reported in this reserve to allow the uniform recording of foreign currency effects within equity.
CONSOLIDATED FINANCIAL STATEMENTS	The cash flow hedge reserve (DO I) is only used to record the designated effective portions of changes in the value of hedging instruments. By contrast, the non-designated portions of changes in the value of hedging instruments are accounted for through the reserve for deferred hedging costs (DO II).
Consolidated income statement	The new to equity- accounted investments is used to record the proportionate changes in equity- accounted investments recognized in other comprehensive income.
Consolidated statement of comprehensive income	Non-controlling interests	Non-controlling interests in equity relate to 25% of the shares in Porsche Singapore Pte. Ltd., Singapore, 49% of the shares in Manthoy Racing GmbH, Meuspeht, and 25% of the shares in Porsche Norga AG, Data.
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION
	Porsche AG Group comprises provide both defined contribution plans and defined benefit plans. In the case of defined contribution plans, the company makes contributions to state or private pension schemes based on legal or contractual requirements, or on a voluntary basis. Once the contributions have been paid, there are no further obligations for the group. Current contributions are recognized as expenses of the period concerned. In the reporting period, expenses for state and private defined contribution plans within the Porsche AG Group amounted to €302 million (2023) €260 million). Of that amount, contributions to the compulsory state pension system in Germany amounted to €277 million (2023) €262 million).

Dividends and proposed dividend

In accordance with section 50 (2) AMS, the dividend payment by Porsche AG is based on the net retained profits reported in the annual financial statements of Porsche AG prepared in accordance with the German Commercial Code.

It will be proposed to the Annual General Meeting of Porsche AG that, of the net retained profit of $£ 2,100$ million (2023) €3,420 million), a total dividend of $£ 2,100$ million be distributed, i.e., $€ 2.30$ per ordinary share and $€ 2.31$ per preferred share. Shareholders are not entitled to a dividend payment until a resolution has been taken by the Annual General Meeting.

In the fiscal year 2024, Porsche AG's Annual General Meeting on June 7, 2024 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 brought the total amount distributed to $€ 2,100$ million.

Other reserves

The other reserves are the reserves for currency translation, for cash flow hedges (DO I), for deferred hedging costs (DO II), for equity and debt instruments and for equity-associated investments.

The currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. In addition, exchange differences from the translation of capital have been reported in this reserve to allow the uniform recording of foreign currency effects within equity.

The cash flow hedge reserve (DO I) is only used to record the designated effective portions of changes in the value of hedging instruments. By contrast, the non-designated portions of changes in the value of hedging instruments are accounted for through the reserve for deferred hedging costs (DO II).

The reserve for equity-associated investments is used to record the proportionate changes in equity- accounted investments recognized in other comprehensive income.

Non-controlling interests

Non-controlling interests in equity relate to 25% of the shares in Porsche Singapore Pte. Ltd., Singapore, 49% of the shares in Manthoy Racing GmbH, Meuspeht, and 25% of the shares in Porsche Norga AG, Data.

26. PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS

Provisions for pensions and similar obligations are recognized for benefits in the form of retirement, invalidity and dependents' benefits payable under pension plans. The benefits of the group vary according to legal, tax, and economic circumstances of the country concerned, and usually depend on the length of service and remuneration of the employees.

Porsche AG Group comprises provide both defined contribution plans and defined benefit plans. In the case of defined contribution plans, the company makes contributions to state or private pension schemes based on legal or contractual requirements, or on a voluntary basis. Once the contributions have been paid, there are no further obligations for the group. Current contributions are recognized as expenses of the period concerned. In the reporting period, expenses for state and private defined contribution plans within the Porsche AG Group amounted to €302 million (2023) €260 million). Of that amount, contributions to the compulsory state pension system in Germany amounted to €277 million (2023) €262 million).

Significant pension arrangements at the Porsche AG Group

The Porsche AG Group offers its employees benefits from a pension scheme for the time after their active working life. A substantial part of the benefit obligations within the group are pension plans for employees in Germany that are classified as defined benefit plans within the meaning of IAS 19 and that are generally covered by collective agreements. To reduce the risks associated with these pension plans, in particular longevity, salary increases and inflation, new domestic defined benefit plans have been introduced at the Porsche AG Group since 2022, whose benefits are funded by external plan assets. The risks mentioned above were reduced in these pension plans. The proportion of the total defined benefit obligation attributable to pension obligations funded by plan assets is expected to rise in the future. The significant pension plans in Germany are described in the following.

GERMAN PENSION PLANS FUNDED SOLELY BY RECOGNIZED PROVISIONS

The employer-funded pension plans are largely contribution-based plans with guarantees. In the case of defined contribution plans, an annual service cost dependent on income and status is converted into a lifelong pension entitlement based on annuity conversion factors (guaranteed components). The annuity conversion factors contain a guaranteed yield. At retirement, the pension components earned each year are added.

The employee-funded pension plans are largely contribution-based plans with guarantees. The annual service cost (according to individual deferred compensation agreements) is converted to capital components by multiplying them with age factors. A guaranteed yield is integrated in the age factors. At retirement, the pension components earned each year are paid out- depending on the respective pension plan- as a lump sum, in multiple installments or as a lifelong pension (by converting the capital for pension benefits into an annuity).

The present value of the guaranteed obligation increases as interest rates fall and is thus exposed to interest rate risks.

If the respective pension system provides for lifelong pension payments, the companies bear the longevity risk. This is accounted for by using the most recent mortality tables - the "Peubeck 2018-5" mortality tables - to determine the annuity conversion factors and the present value of the guaranteed obligation; these tables already reflect a future increase in life expectancy.

MAGAZINE

TO OUR SHAREHOLDERS

CORPORATE GOVERNANCE

CORRENEGMANAGEMENT

REPORT

NON-FINANCIAL STATEMENT

(part of the Continent Management Report)

CONSOLIDATED FINANCIAL

STATEMENTS

Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements

FURTHER INFORMATION

If the respective pension system provides for lifelong pension payments, the companies bear the longevity risk. This is accounted for by using the most recent mortality tables - the "Peubeck 2018-5" mortality tables - to determine the annuity conversion factors and the present value of the guaranteed obligation; these tables already reflect a future increase in life expectancy.

To reduce the inflation risk inherent in adjusting current pension payments by the inflation rate, a pension adjustment that is not linked to inflation was introduced for pension obligations where this is legally permitted.

GERMAN PERSON PLANS FUNDED BY EXTERNAL PLAN ASSETS

In the fiscal year 2024, the Porsche AG Group partially funded its domestic employer- and employee-funded pension plans, which had previously been financed exclusively by provisions recognized in the statement of financial position, for the first time with external plan assets of $£ 250 million.

The employer-funded pension plans, some of which are externally funded by plan assets, are largely defined contribution plans with guarantees. In the case of defined contribution plans, an annual service cost dependent on income and status is converted into a lifelong pension entitlement based on annuity conversion factors (guaranteed components). The annuity conversion factors contain a guaranteed yield. At retirement, the pension components earned each year are added.

The employee-funded pension plans, some of which are externally funded by plan assets, are largely defined contribution plans with guarantees. The annual service cost (according to individual deferred compensation agreements) is converted to capital components by multiplying them with age factors. A guaranteed yield is integrated in the age factors. At retirement, the pension components earned each year are paid out- depending on the respective pension plan-as a lump sum, in multiple installments or as a lifelong pension (by converting the capital for pension benefits into an annuity).

For both the employer-funded and the employee-funded pension plans, the external plan assets are administered in trust by Porsche Trust e.V. and invested in the capital markets. The performance of the capital investment has no influence on the pension expenses of the plan participants.

The pension plans entirely funded by external plan assets are defined contribution, capital-market-oriented plans. In this case, the contributions dependent on income and status plus a capital-market yield form the pension capital, which is generally paid out in a lump sum. The pension capital amounts to at least $80 \%$ of contributions made. For the pension plans, contributions are made on an ongoing basis to a separate pool of assets that is administered in trust by Porsche Trust e.V. and invested in the capital markets.

Since the trust assets meet the IAS 19 criteria for classification as plan assets, they are offset against the obligation. The offsetting was performed separately for the fully funded employer-funded and employee-funded domestic pension plans and the pension plans funded entirely via external plan assets.

The amount of the plan assets is exposed to general market risk. The investment strategy and its implementation are therefore continuously monitored by the governing bodies of Porsche Trust e.V., which include representatives of both the employer and employees. For example, investment policies are stipulated in the trusters' investment guidelines with the aim of limiting market risk and its impact on plan assets. In addition, asset-liability management studies are conducted if required so as to ensure that the capital investment is in line with the obligations that need to be covered. Depending on the pension plan being funded in each case, the trust assets are currently invested primarily in investment funds, which are included in the breakdown of plan assets as equity, bond, real estate and other funds. The investment focus is on money market funds, which are disclosed as "other funds."

The present value of the obligation is the present value of the guaranteed obligation after deducting the plan assets. If the plan assets fall below the present value of the guaranteed obligation, a provision must be recognized in that amount. The present value of the guaranteed obligation increases as interest rates fall and is thus exposed to interest rate risks.

In the case of lifelong pension payments, the Porsche AG Group bears the longevity risk. This is accounted for by using the most recent mortality tables - the "Peubeck 2018-5" mortality tables - to determine the annuity conversion factors and the present value of the guaranteed obligation; these tables already reflect a future increase in life expectancy.

To reduce the inflation risk inherent in adjusting current pension payments by the inflation rate, a pension adjustment that is not linked to inflation was introduced for pension obligations where this is legally permitted.

Measurement of the provisions for pensions of the Porsche AG Group

The calculation of pension provisions was based on the following significant actuarial assumptions:

	Germany
		2024		2025		2024		2025
Discount rate at December 31		3.40		3.20		4.22		4.15
Payroll trend		3.80		4.60		2.82		2.44
Pension trend		2.00		2.20		1.89		1.65
These disclosures are averages that were weighted using the present values of the defined benefit obligations. With regard to life expectancy, the latest mortality tables are used in all countries. The discount rates are generally determined based on the return on high-quality corporate bonds whose terms and currency match the respective obligations. The iBose A4 Corporate Bond index was used as a basis for the obligations pertaining to the group's entities in Germany. Comparable indices are used for foreign pension obligations.
The payroll trends cover expected wage and salary increases, which also include increases attributable to career development.
The pension trends correspond to either the contractually agreed guaranteed adjustments or are based on the rules applicable locally in each country for pension adjustments.

The figures above are generally included in the personnel costs of the functional areas in the income statement; net interest on the net defined benefit liability is recognized in interest expenses.

ABS reframing of 435,511 million (2023) $€ 7,420$ million) relates to transactions in connection with refinancing the portfolio of lease and financing agreements. These are explained in more detail in note « 44. FRANCIAL des MANAGEMENT AND FRANCIAL NOTRENCED. The commercial papers and notes in the form of debenture bonds were placed in different tranches with fixed and variable interest and have been partially repaid. The principal amounts of the debterture bonds totaled $€ 957$ million (2023) $€ 1,261$ million).
Liabilities to banks are used for refinancing in the financial services business and, to a small extent, for current financing. Depending on the currency, maturity and contractual terms and conditions, the nominal interest rate varies between 0.4\% and 4.04\% (2023: 0.24\% and 4.43\%).

Consolidated Financial Statements
Notes to the consolidated financial statements
FURTHER INFORMATION

FURTHER INFORMATION

MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE							957
							957
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONDILIDATED FINANCIAL
STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of comprehensive income
		Balance at Jan. 1, 2024	Cash- charges	Foreign exchange differences	Changes in 待 of goods	Classified as public only	Other charges
ABS-нетheancing	7,420	-731	340	-	-	-	8,511
Non-killed debt securities	1,240	-303	-	-	-	-	957
Other total third-party borrowings	690	117	-36	0	-	31	803
Lease liabilities ${ }^{1}$	1,047	-125	14	20	-	184	1,142
Total third-party borrowings	10,417	421	339	30	-	315	11,413
Other financial assets and liabilities	0	0	0	-	-	-	0
Financial assets and liabilities in financing activities	10,417	421	339	30	-	315	11,413
Other changes in lease liabilities (e.g. the company with cash and lease liabilities)
$E$-value	Balance at Jan. 1, 2023	Cash- charges	Foreign exchange differences	Changes in 待 of goods	Classified as public only	Other charges	Balance at Jan. 31, 2023
ABS-нетheancing	6,282	1,329	-190	-	-	0	7,420
Non-killed debt securities	1,488	-238	-	-	-	-	1,260
Other total third-party borrowings	664	206	-91	-	0	-89	690
Lease liabilities ${ }^{1}$	1,046	-113	-18	-	-	132	1,047
Total third-party borrowings	9,480	1,194	-299	-	0	42	10,417
Other financial assets and liabilities	-1	1	0	-	-	-	0
Financial assets and liabilities in financing activities	9,480	1,194	-299	-	0	42	10,417
Other changes in lease liabilities (e.g. the company with cash and lease liabilities)

34. IAS 23 (BORROWING COSTS)

Capitalized borrowing costs amounted to $€ 93 million (2023: $€ 113$ million) in the fiscal year and related to capitalized development costs. At the Porsche AG Group, an average borrowing rate of $2.8 \%$ (2023: 3.4\%) was used as the basis for capitalization.

35. IFRS 16 (LEASES)

35.1 Leases accounting

The Porsche AG Group primarily acts as leases with respect to leases of office premises, real estate and other production resources. The leases are negotiated individually and include a wide range of contractual terms. Right-of-use assets under leases are included in the following items in the statement of financial position:

Presentation of and changes in right-of-use assets from January 1 to December 31, 2024

$E$-value
	Right of use on
	and rights
	cash rights and
Costs
Balance at Jan. 1, 2024	1,323	14	58	1,394
Foreign exchange differences	18	-	0	18
Changes in consolidated group	26	1	4	30
Additions	180	6	16	204
Disposals	72	0	13	86
	1,475	21	45	1,561
Depreciation and impairment
	377	4	31	412
	6	-	0	6
Changes in consolidated group	10	0	2	12
Additions to cumulative depreciation	127	2	12	141
Disposals	60	0	12	73
	459	4	33	497
Carrying amount at Jan. 31, 2024	1,617	16	32	1,662

$\equiv \mathrm{Q} \longleftarrow \rightarrow \leftarrow$
MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE						2024	2023
COMPORATE GOVERNANCE						1,200	1,225
COMPREDI-MANAGEMENT REPORT						0	0
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement						200	279
Consolidated statement of comprehensive income						2,420	2,528
Consolidated statement of financial position						$-273$	$-231$
Consolidated statement of changes in equity						$-130$	$-120$
Consolidated statement of cash flows						2,206	2,254
) Notes to the consolidated financial statements
FURTHER INFORMATION

E-Value	2024	2025	2026	2027	2028	2029	Free 2030	Total
Lesser payments	917	691	608	206	3	4	2,429
Figures as of December 31, 2023
E-Value	2024	2025	2026	2027	2028	Free 2030		Total
Lesser payments	865	663	535	231	31	5	2,328

36. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

36.1 Hedging guidelines and financial risk management principles

Due to the international activities in the automotive and financial services segments, financial risks arise that affect the results of operations, financial position and net assets of the Porsche AD Group. These risks are broken down into credit and default risks, liquidity risks and market risks. The risks are regularly monitored, reported and centrally managed using financial instruments. The primary objective of using financial instruments is to limit the financial risk exposure in order to safeguard the Porsche AD Group's ability to continue as a going concern and its earnings power.

The principles and responsibilities for managing and controlling the risks that could arise from financial instruments are defined by the Executive Board and monitored by the Supervisory Board. Internal guidelines exist within the Porsche AD Group that clearly define the risk management and control processes. These guidelines regulate, among other things, the use of financial instruments or derivatives and the requisite control procedures, such as a clear segregation of functions between trading and settlement. In addition, it is also stipulated that financial transactions should always be based around the needs of the underlying transaction. Consequently, financial transactions are not concluded for speculative purposes. The treasury department identifies, analyzes and monitors risks group-wide. The underlying guidelines and the supporting systems are checked regularly and brought into line with current market and product developments.

Derivative financial instruments and hedge accounting are mainly used to control currency, interest rate and commodity price risks. Currency risks from future sales revenue denominated in foreign currencies are hedged through the use of exchange rate hedging instruments for a period of up to five years. The main hedging instruments used are forward exchange transactions and currency options. The volume of exchange rate hedges is determined on the basis of the planned sales figures in the respective foreign currency, taking into account procurement volumes. The interest rate risk from variable-rate financing and the interest rate risk from refinancing the financial services business are largely hedged through the use of suitable derivatives such as interest rate swaps. Commodity price risks are hedged for a period of several years using hedging instruments in the form of averaging swaps. The counterparties for the exchange rate, interest rate and commodity price hedges are mainly large national and international financial institutions and Volkswagen AG. Cooperation is subject to uniform regulations and continuous monitoring.

The financial instruments entered into for hedging purposes can give rise to counterparty risks that may have a negative impact on the results of operations, financial position and net assets. Channelling excess liquidity into investments also exposes the group to counterparty risks. Partial or complete default by a counterparty would have a negative impact on the results of operations, financial position and net assets. In order to manage these risks, the Porsche AD Group has set out guidelines to ensure that transactions are concluded only in approved financial instruments, only with approved counterparties and only on the admissible scale.

See also the explanations in the results of operations, financial position and net assets of the combined management report in section $\approx$ Principles and goals of financial management.

36.2 Credit and default risk

The credit and default risk arising from financial assets involves the risk of default by counterparties, and therefore comprises at a maximum the amount of recognized carrying amounts against the respective counterparty. Default risks in receivables are reduced by a strict receivables management system. Furthermore, the maximum credit and default risk is reduced by collateral held. Collateral is primarily held for financial assets in the "at amortized cost" category. Vehicles, collateral assignments, guarantees and cash are used as collateral. For level 3 financial assets with objective indications of impairment as of the reporting date, the collateral provided led to a reduction in risk by $€ 12$ million [2023: €8 million].

The counterparties to material cash and capital investments and to derivatives are national and international financial institutions, as well as Volkswagen International Belgium S.4, and Volkswagen AG. Credit and default risk is limited by a limit system that is primarily based on credit assessments of the counterparties. The maximum amounts for default risk are presented in section 486.2.2 MEANHOLM CRUST NOK.

MAGAZINE

TO OUR SHARKHOLDERS

CORPORATE GOVERNANCE

COMBINED MANAGEMENT

REPORT

NON-FINANCIAL STATEMENT

(part of the Continent Management Report)

CONSOLIDATED FINANCIAL

STATEMENTS

Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of
financial position
Consolidated statement of
charges in equity
Consolidated statement of cash flows

Notes to the consolidated financial statements

FURTHER INFORMATION

The global allocation of business activities and the resulting diversification meant that there were no material risk concentrations at individual counterparties or counterparty groups in the fiscal year.

36.2.1 LOSS ALLOWANCE

The Pimiche AG Group applies the expected credit loss model under IFRS 9 on a uniform basis for all financial assets, with the exception of financial assets measured at fair value through profit or loss, and for other risk
exposures.

IFRS 9 differentiates between the general approach and the simplified approach. The expected credit loss model under IFRS 9 comprises both loss allowances for financial assets where there are no objective indications of impairment, as well as loss allowances for financial assets that are already impaired.

Under the general approach, financial assets are allocated to one of three stages plus an additional stage for financial assets that were already impaired when acquired (stage 4). Stage 1 comprises financial assets at initial recognition or for which there has not been any significant increase in probability of default. Expected credit losses for the next twelve months are calculated at this stage. Stage 2 comprises financial assets with a significant increase in probability of default, and stage 3 comprises financial assets for which there are objective indications of default. Lifetime expected credit losses are calculated in stage 2 to 4.

The Pimiche AG Group applies the simplified approach to trade receivables. The same applies to receivables from operating or finance leases accounted for in accordance with IFRS 16. Under the simplified approach, expected credit losses are consistently determined over the entire life of the asset.

The tables below present a reconciliation of gross receivables and loss allowances for the different classes of financial assets.

Change in the gross carrying amounts of financial assets measured at amortized cost

K-تألف	Trap 1	Trap 2	Trap 3	Enacted amount
Carrying amount at Jan. 1, 2024	11,620	284	14	1,487	13,405
Foreign exchange differences	174	18	1	$-1$	192
Changes in consolidated group	11	-	-	2	18
Changes	826	-	$-24$	$-121$	690
Transfers to
Stage 1	$-111$	$-99$	$-12$	-	-
Stage 2	$-644$	644	-	-	-
Stage 3	$-61$	-	61	-	-
Carrying amount at Dec. 31, 2024	13,066	848	40	1,371	14,300
K-تألف	Trap 1	Trap 2	Trap 3	Enacted amount
Carrying amount at Jan. 1, 2025	12,949	198	16	1,330	14,492
Foreign exchange differences	$-247$	$-9$	0	$-12$	$-268$
Changes in consolidated group	3	-	-	0	3
Changes	$-964$	-	$-26$	168	$-822$
Transfers to
Stage 1	194	$-183$	$-11$	-	-
Stage 2	$-270$	270	-	-	-
Stage 3	$-36$	-	36	-	-
Carrying amount at Dec. 31, 2025	11,620	284	14	1,487	13,405

MAGAZINE
TO OUR SHAREHOLDERS
CORPORATE GOVERNANCE
COMPRENED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION

Disclosures on gains and losses from cash flow hedges

Cash flow hedges are a hedge of the exposure to fluctuation in future cash flows. These cash flows can result from a recognized asset or liability, as well as a highly probable forecast transaction. The table below shows the gains and losses from cash flow hedges by risk type.

Disclosures on gains and losses from cash flow hedges

	2024
Hedgeing interest rate risk
Data or losses from changes in fair value of hedging instruments within hedge accounting
Recognized in equity	112
Recognized in profit or loss	6
Reclassification from the cash flow hedge reserve to profit or loss
Due to early discontinuation of the hedging relationships
Due to realization of the hedged item	4	4
Hedgeing currency risk
Data or losses from changes in fair value of hedging instruments within hedge accounting
Recognized in equity	689	882
Recognized in profit or loss
Reclassification from the cash flow hedge reserve to profit or loss
Due to early discontinuation of the hedging relationships	1	61
Due to realization of the hedged item	39	248
Combined interest rate and currency risk hedging
Gains or losses from changes in fair value of hedging instruments within hedge accounting
Recognized in equity		0
Recognized in profit or loss
Reclassification from the cash flow hedge reserve to profit or loss
Due to early discontinuation of the hedging relationships
Due to realization of the hedged item		1
Hedgeing commodities price risk
Gains or losses from changes in fair value of hedging instruments within hedge accounting
Recognized in equity	4	5
Recognized in profit or loss
Reclassification from the cash flow hedge reserve to profit or loss
Due to early discontinuation of the hedging relationships
Due to realization of the hedged item	2	1

The effects on equity shown in the table are net of deferred taxes.
The gains or losses on changes in the fair value of hedging instruments within hedge accounting correspond to the basis for determining hedge ineffectiveness. The ineffective portion of cash flow hedges is the income or expense from changes in the fair value of the hedging instrument that exceeds the changes in the fair value of the hedged item. This hedge ineffectiveness arises due to differences in parameters between the hedging instrument and the hedged item. The respective income or expenses are recognized in other operating income or expenses and in the financial result.

The Porsche AD Group uses two different methods to present market risk from non-derivative and derivative financial instruments in accordance with FRB 7. For quantitative risk measurement, the financial services segment uses a value-at-risk (VaR) model to measure interest rate risk. By contrast, the market risk in the automotive segment is determined using a sensitivity analysis. The VaR calculation indicates the extent of the maximum potential loss on the overall portfolio within a time horizon of ten days at a confidence level of $99 \%$. It is based on aggregating all of the cash flows from the non-derivative and derivative financial instruments in an interest rate gap analysis. The historical market data used to calculate VaR covers a period of 521 trading days. The sensitivity analysis calculates the effect on equity and/or profit or loss by modifying risk variables within the respective market risk.

Disclosures on hedging instruments used in hedge accounting
The Porsche AD Group enters into hedging instruments to hedge its exposure to variability in future cash flows. The table below shows the national amounts, fair values, and inputs used to determine the ineffectiveness of the hedging instruments included in cash flow hedges.

Disclosures on hedging instruments used in cash flow hedges 2024

	National amount	Other assets	Other liabilities	Fair value changes in derivative hedge ineffectiveness
Hedgeing interest rate risk
Interest rate swaps	5,347	2	31	$-26$
Hedgeing currency risk
Currency forwards and cross-currency swaps	34,075	594	837	153
Currency options	5,558	113	47	68
Hedgeing commodities price risk
Commodity forwards/swaps	447	27	11	15

Disclosures on hedging instruments used in cash flow hedges 2023

	National amount	Other assets	Other liabilities	Fair value changes in derivative hedge ineffectiveness
Hedgeing interest rate risk
Interest rate swaps
Hedgeing currency risk
Currency forwards and cross-currency swaps	32,043	969	484	1,215
Currency options	11,445	205	53	117
Hedgeing commodities price risk
Commodity forwards/swaps	431	15	6	9

The change in fair value presented in the table to calculate ineffectiveness corresponds to the change in fair value of the designated components.

Changes in the reserve for hedging costs-non-designated forward components and cross-currency
basis spreads (CCBS)

	Currency risk
$t$ - value	1004	1004
Balance at Jan. 1	$-626$	$-735$
Gains and losses from non-designated forward components and (CBS)
Hedged item is recognized at a point in time	$-116$	$-148$
Reclassifications due to realization of the hedged item
Hedged item is recognized at a point in time	341	317
Reclassification due to changes in whether the hedged item is expected to occur
Hedged item is recognized at a point in time	10	40
Balance at Dec. 31	$-291$	$-525$

36.4.2 MANAST ROB IN THE AUTOMOTIVE SIGMENT

Interests rate risk
Interest rate risk in the automotive segment results from changes in market interest rates, primarily for mediumand long-term floating-rate reawidder and liabilities. Floating-rate items are included in cash flow hedges anddepending on the market situation-some are hedged by means of interest rate swaps.
In the automotive segment, interest rate risk within the meaning of IFRS 7 is calculated using sensitivity analyses. The effect of risk-variable market interest rates on the financial result are presented net of tax.
If market interest rates had been 100 bps higher as of December 31, 2024, profit after tax would have been 69 million lower (2023 K31 million). If market interest rates had been 100 bps lower as of December 31, 2024, profit after tax would have been 67 million higher (2023 K25 million).

Currency risk

The currency risk in the automotive segment results in particular from transactions as part of operating activities that do not take place in the functional currency of the respective group company. Currency forwards and currency options are the main instruments used to reduce currency risks. The volume of exchange rate hedges is determined on the basis of the planned sales figures in the respective foreign currency, taking into account procurement volumes.
As part of currency risk management, hedges were entered into in the fiscal year 2024 in the following currencies in particular Australian dollar (AUD), Brazilian real (BRL), British pound sterling (DBP), Canadian dollar (CAD), Chinese veronicle (CWV), Hong Kong dollar (HKD), Japanese yen (JPY), Mexican peso (MIN), Norwegian krome (NOK), Polish dirty (PLA), Singapore dollar (SOD), South Korean won (KRW), Swedish krome (SEK), Swiss franc () Takvan dollar (TWD), and US dollar (USD).
All non-functional currencies in which the Porsche AD Group enters into financial instruments are included as relevant risk variables in the sensitivity analysis in accordance with this 7 .
If the functional currency euro had appreciated or depreciated by 70\% against the other currencies, this would have resulted in the following effects on the hedging reserve in equity and profit after tax for the following currencypairs. It is not appropriate to add together the individual figures, since the results of the various functional currencies concerned are based on different scenarios.

The table below shows the sensitivities as of December 31, 2024 with respect to the key currencies held.

		Dec. 31, 2024		Dec. 51, 2023
		$<10 \%$	$-10 \%$	$<10 \%$	$-10 \%$
MAGAZINE
		Exchange rate
		EUR/USD
TO OUR SHAREHOLIDERS
		Hedge-reverse	$-677$	$-480$	$-767$
CORPORATE GOVERNANCE		$<31$	31	$-18$	18
COMPORATE MANAGEMENT REPORT
		EUR/ MEN
		Hedge-reverse	20	$-20$	23
		Profit/less after tax	$-0$	0	$-1$
		EUR/PLR
CONSOLIDATED FINANCIAL STATEMENTS
		Hedge-reverse	74	$-76$	740
		Profit/less after tax	$-33$	33	$-77$
		EUR/CNF
		Hedge-reverse	121	$-125$	121
		Profit/less after tax	$-3$	3	$-2$
		EUR/IGEF
MANAGEMENT
		Hedge-reverse	57	$-56$	24
		Profit/less after tax	$-1$	1	$-0$
		EUR/ IHKE
		Hedge-reverse	16	$-16$	17
		Profit/less after tax	$-1$	1	$-2$
		EUR/IGEF
		Hedge-reverse	8	$-7$	8
		Profit/less after tax	$-0$	0	0
		EUR/ KING
		Hedge-reverse	80	$-79$	130
		Profit/less after tax	$-13$	13	$-11$
		EUR/CAD
		Hedge-reverse	73	$-73$	109
		Profit/less after tax	$-3$	3	3
		EUR/ IPY
		Hedge-reverse	60	$-68$	93
		Profit/less after tax	$-18$	18	$-11$
		EUR/KUII
		Hedge-reverse	44	$-44$	60
		Profit/less after tax	$-5$	5	$-9$
		EUR/ BRL
		Hedge-reverse	16	$-16$	41
		Profit/less after tax	$-6$	5	$-14$
		EUR/ NOK
		Hedge-reverse	7	$-7$	1
		Profit/less after tax	$-1$	1	$-0$
		EUR/CAS
		Hedge-reverse	72	$-72$	66
		Profit/less after tax	$-5$	5	$-8$
		EUR/ IPY
		Hedge-reverse	60	$-68$	6
		Profit/less after tax	$-18$	18	$-11$
		EUR/KUII
		Hedge-reverse	44	$-44$	4
		Profit/less after tax	$-5$	5	$-9$
		EUR/ BRL
		Hedge-reverse	16	$-16$	41
		Profit/less after tax	$-6$	5	$-14$
		EUR/ NOK
		Hedge-reverse	7	$-7$	1
		Profit/less after tax	$-1$	1	$-0$
		EUR/CAS
		Hedge-reverse	72	$-72$	66
		Profit/less after tax	$-5$	5	$-8$
		EUR/ IPY
		Hedge-reverse	60	$-68$	6
		Profit/less after tax	$-18$	18	$-11$
		EUR/KUII
		Hedge-reverse	44	$-44$	4
		Profit/less after tax	$-5$	5	$-9$
		EUR/ BRL
		Hedge-reverse	16	$-16$	41
		Profit/less after tax	$-6$	5	$-14$
		EUR/ NOK
		Hedge-reverse	7	$-7$	1
		Profit/less after tax	$-1$	1	$-0$

Equity and bond price risks

The fully consolidated special funds in which the Porsche AG Group invests surplus liquidity are exposed in particular to equity and bond price risks that may arise from fluctuations in quoted market prices, stock exchange indices and market interest rates. The risks to which the special funds are exposed are generally monitored by the Porsche AG Group by ensuring a broad diversification access a range of products, insures and regional markets when making investment decisions, as stipulated in the investment policy. The risk management system in place is partially based on a minimum value threshold and, if the market situation is appropriate, exchange rate hedges are entered into.

IFRS 7 stipulates that the presentation of market risk must include disclosures on how hypothetical changes in risk variables impact the price of financial instruments. The risk variables include in particular quoted market prices or indices, as well as interest rate changes as a bond pricing parameter.

If share prices had been 10\% higher as of December 31, 2024, profit after tax would have been $€ 108$ million (2023- $€ 29$ million) higher. If share prices had been 10\% lower as of December 31, 2024, profit after tax would have been $€ 132$ million (2023- $€ 36$ million) lower.

Commodity price risk

Commodity risks for the Porsche AG Group arise, among other things, from the price development of commodities. Commodity price risks are partly hedged through the use of hedging instruments for a period of several years. The hedging instruments used are averaging swaps which are accounted for as cash flow hedges. The volume of hedges is determined on the basis of the planned commodity exposure in the respective procurement contracts. In 2024, price hedges were entered into for aluminum, copper, nickel, cobalt and lithium hydroxide.

Commodity price risk within the meaning of IFRS 7 is presented using sensitivity analyses.
If the commodity prices of the hedging instruments accounted for using hedge accounting as of December 31, 2024 had been 10\% higher (lower), equity would have been $€ 23$ million (2023- $€ 27$ million) higher (lower).

36.4.3 MARKET RISK IN THE FINANCIAL SERVICES SEGMENT

Interest rate risk
Interest rate risk in the financial services segment mainly results from changes in market interest rates, primarily for medium- and long-term floating-rate liabilities and from non-maturity-matched refinancing. Interest rate hedges are used to limit these risks.

As of December 31, 2024, the Valli for interest rate risk amounted to $€ 23$ million (2023- $€ 34$ million).

36.5 Methods for monitoring hedge effectiveness

The Porsche AG Group mainly assesses the effectiveness of hedges on a prospective basis using the critical terms match method. Retrospective analysis of effectiveness uses effectiveness tests in the form of the dollar offset method. Under the dollar offset method, the changes in value of the hedged item expressed in monetary units are compared with the changes in value of the hedging instrument expressed in monetary units.

For this purpose, cumulative changes in the value of the designated components of the hedging instrument and the hedged item are compared. If there is no critical terms match, the same procedure is applied to the nondesignated components.

The table below shows the remaining maturities profile of the notional amounts of hedging instruments recognized under the Porsche AG Group hedge accounting requirements, as well as derivatives not within hedge accounting.

Notional amount of derivative financial instruments

MAOADME			Term of maturity			Total notional amount		Total notional amount
TIS OUR SHARKHOLDERS		ap to new year		within one mo 40.0 years		more than five years			5.14
CORPORATE GOVERNANCE	Notional amount of hedging instruments within hedge
COMMERED MANAGEMENT REPORT	Amounts
NON-FINANCIAL STATEMENT (part of the Combined Management Report)
CONSOLOVATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flow
) Notes to the consolidated financial statements
FURTHER INFORMATION

FURTHER INFORMATION

	Dec. 31, 2024
	$t_{0}$	$t_{1}$	$t_{2}$	$t_{3}$	$t_{4}$	$t_{5}$	$t_{6}$	$t_{7}$	$t_{8}$	$t_{9}$
Notional amount of the interest rate swaps and cross-currency interest rate swaps presented above, the Porsche AG Group achieved an average hedging interest rate of 3.6\% (2023: 3.0\%), weighted by total notional amount.
With respect to the currency forwards and currency options, the Porsche AG Group achieved a hedging exchange rate for the key currencies of 7.55 and 7.12 , respectively (EUR/CNY, 2023: 7.41 and 7.24, respectively), 0.89 (EUR/GBP, 2023: 0.88) and 1.12 and 1.07, respectively (EUR/USD, 2023: 1.14 and 1.09, respectively), weighted by total notional amount.
To hedge commodity, price risks, the average hedging rates were US\$2,351.28/ $1(2023: US\$2,332.15/1) for aluminum and US\$6,417.31/1 (2023: US\$6,351.11/1) for copper.
The total notional amount includes both derivatives entered into by means of offsetting transactions, as well as the offsetting transactions themselves. The offsetting transactions partly offset effects resulting from the original hedge, meaning that the respective notional amount would be higher were the offsetting transaction not taken into account.
Another effect that increases the notional amount results from cylinder options, where both the put and call options are taken into consideration in the notional amount.
The hedged items in cash flow hedges are expected to be realized in accordance with the maturity budgets of the hedges presented in the table.
The market values of the derivatives are determined using market data on the reporting date and suitable valuation techniques. The calculation was based on, among other things, the following interest rate structure:
	Dec. 31, 2024
	$t_{0}$	$t_{1}$	$t_{2}$	$t_{3}$	$t_{4}$	$t_{5}$	$t_{6}$	$t_{7}$	$t_{8}$	$t_{9}$
Interest rate for 6 months	2.38	4.24	4.56	1.58	0.39	3.68	5.16	5.14	2.38	0.02
Interest rate for 1 year	2.12	4.16	4.46	1.45	0.52	3.21	4.79	4.75	2.31	0.07
Interest rate for 5 years	2.06	4.01	4.05	1.42	0.80	2.18	3.56	3.38	2.57	0.45
Interest rate for 10 years	2.23	4.03	4.07	1.54	1.06	2.27	3.48	3.30	2.77	0.84

Fair values of financial assets and liabilities measured at amortized cost by level

E-Value	No. 01,0005	Level 1	Level 2	Level 4
Financial services receivables	4,727	-	-	4,727
Trade receivables	1,340		1,340	-
Other financial assets	1,838	951	867	21
Tax receivables				-
Marketable securities and time deposits			-	-
Cash and cash equivalents	6,384	6,384	-	-
Assets held for sale	-	-	-	-
Fair value of financial assets measured at amortized cost	14,289	7,335	3,207	4,747
Trade payables	3,378	-	3,378	-
Financial liabilities	10,225	94	10,014	117
Other financial liabilities	686	223	305	127
Tax payables	-	-	-	-
Liabilities associated with assets held for sale	-	-	-	-
Fair value of financial liabilities measured at amortized cost	14,269	317	13,697	244

E-Value	No. 01,0005	Level 1	Level 2	Level 4
Financial services receivables	4,226	-	-	4,226
Trade receivables	1,449	-	1,449	-
Other financial assets	1,924	1,134	788	2
Marketable securities and time deposits	14	-	16	-
Cash and cash equivalents	5,820	5,820	-	-
Assets held for sale	6	-	5	-
Fair value of financial assets measured at amortized cost	13,440	4,954	3,358	4,227
Trade payables	3,490	-	3,490	-
Financial liabilities	9,313	65	9,247	1
Other financial liabilities	928	89	700	138
Liabilities associated with assets held for sale	1	-	1	-
Fair value of financial liabilities measured at amortized cost	13,731	154	13,438	139

MAGAZINE
		Cross amounts of completed financial liabilities		Cross amounts of completed financial assets	Net amounts of Financial liabilities
		an off-in the		an off-in the		Financial	Collateral
		statement of		statement of
		financial position
TO OUR SHARKHOLDERS		Derivative financial
		instruments	975	-	975	$-507$	-
		Financial liabilities	11,413		11,413		$-465$
CONFORATE GOVERNANCE		Trade payables	3,378	-	3,378	-	-
		Other financial
		liabilities	456	-	456
COMBINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT
(part of the Combined Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION

		Cross amounts of completed financial assets			Net amounts of financial liabilities		Financial
		an off-in the			an off-in the
		statement of			an off-in the
		financial position			aed the

Derivative financial
instruments		667		667		$-497$
Financial liabilities		10,417		10,417		-
Trade payables		3,490		3,490		-	3,490
Other financial
liabilities		928		928		-	928

Other financial assets contain other equity investments measured at fair value of $€ 449$ million (2023: $€ 193$ million).
The "Financial Instruments" column presents amounts subject to a master netting arrangement but that are not
offset because they do not meet the conditions for offsetting in the statement of financial position. The "Collateral
received" and "Collateral pledged" columns present the amounts in relation to the total amount of assets and
liabilities received or pledged as collateral in the form of cash or financial instruments that do not meet the
conditions for offsetting in the statement of financial position.

36.6.6 ASSIST-BACIED SECURITIES TRANSACTIONS

In the financial services segment, asset-backed securities transactions are largely used to refinance its portfolio of
lease and financing agreements. This involves assigning the expected payments to structured finance companies
and transferring the financed vehicles as collateral. A distinction is made here between revolving, non-public
feelities with one or a syndicate of refinancing partners and amortizing, public asset-backed securities bonds that
are broadly marketed to investors in the capital markets. In the event that asset-backed securities bond losses are
not possible to the planned extent on account of unfavorable market conditions, Porsche Financial Services also
uses asset-backed, amortizing private placements on the need arises by directly approaching selected major
investors as an alternative refinancing instrument.

Transactions in asset-backed securities conducted to refinance the financial services business amounted to
€8,511 million (2023: $€ 7,420$ million) and were reported in 485 refinancing. The corresponding carrying amount
of the receivables from customer and dealer financing and the finance lease business was $€ 4,869$ million
(2023: $€ 6,622$ million). Collateral totaling $€ 10,500$ million (2023: $€ 9,197$ million) was provided for transactions in
asset-backed securities, of which $€ 4,869$ million (2023: $€ 6,622$ million) relates to collateral in the form of
financial assets. The transactions in asset-backed securities did not result in the disposal of receivables from the
financial services business since did credere and repayment risks were retained within the Porsche AG Group. The
difference between the pledged receivables and the associated liabilities resulted from the share of vehicles
financed within the Porsche AG Group.
A majority of the group's asset-backed securities transactions may be repaid ahead of schedule ("clean up call") if a contractually fixed minimum percentage of the original transaction volume is still outstanding. The pledged
receivables may not be pledged further or otherwise serve as collateral. The claims of the bond holders are limited
to the amount of the receivables pledged and the proceeds from these receivables are earmarked for repayment of
the corresponding liability. As of December 31, 2024, the fair value of the receivables from the financing business
that have been pledged but not disposed of amounted to $€ 4,960$ million (2023: $€ 8,023$ million). The fair value of
the associated liabilities as of the reporting date amounted to $€ 4,623$ million (2023: $€ 3,823$ million).
36.6.7 NOTES TO THE INCOME STATEMENT PURSUANT TO IFRS?
The following table shows the net gains or losses from financial assets and financial liabilities by measurement
category, followed by a detailed explanation of the material items:

Net gains/losses from financial assets by IFRS 9 measurement category

		2024	2025
Financial instruments measured at fair value through profit or loss		223	161
Financial assets measured at amortized cost		497	257
Financial assets measured at fair value through other comprehensive income (debt
instruments)		0	-
Financial liabilities measured at amortized cost		$-290$	$-904$
		$-16$	114

The net gains or losses in the financial instruments measured at fair value through profit or loss category mainly
result from the fair value measurement of derivatives, including interest and gains or losses on currency translation.
The net gains or losses in the financial assets and liabilities measured at amortized cost category mainly comprise interest income and expenses under the effective interest method pursuant to IFRS 9, currency translation effects, and the recognition of loss allowances. Interest also includes interest income and expenses from the lending business in the financial services segment.

The total interest income attributable to financial assets and liabilities measured at amortized cost, as calculated using the effective interest method, amounted to $€ 703$ million (2023: $€ 539$ million) and the total interest expenses amounted to $€ 517$ million (2023: $€ 363$ million).

The disposal of financial assets measured at amortized cost results in gains of $€ 2$ million (2023: $€ 2$ million) and losses of $€ 17$ million (2023: $€ 35$ million).

$\equiv Q$	$\leftarrow$	$\leftarrow$	$\longrightarrow$	$\longrightarrow$	$\longrightarrow$
MAGAZINE	Des. 21, 2023
	Purchase commitments in respect of
	Property, plant and equipment	1,600	166	3	1,800
	Intangible assets	440	80	1	751
	Obligations from
	Loan commitments			-	-
	Leasing and rental contracts	61	88	25	211
CONEINED MANAGEMENT REPORT
	1,534	976	118	2,627
	Total	3,901	1,344	147	6,392

40. LITIGATION

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. Among others, three legal disputes and proceedings relate to or are connected with employees, authorities, services, dealers, investors, customers, products or other contractual partners. They may lead to payments such as fines as well as other obligations and consequences for the companies involved. In particular, substantial compensation or punitive damages may have to be paid and cost-intensive measures may be necessary. In this context, a specific assessment of the objectively likely consequences is often possible only to a very limited extent, if at all.

Various legal proceedings are pending worldwide, particularly in the USA, in which customers are asserting purported product-related claims, either individually or in class actions. These claims are as a rule based on alleged vehicle defects, including defects alleged in vehicle parts supplied to the Porsche AG Group. Compliance with legal or regulatory requirements (such as the GDPR) is another area in which risks may arise. This applies in particular to gray areas, where Porsche AG or the companies in which it holds direct or indirect interests may make interpretations that differ from those of the competent authorities.
In connection with their business activities, Porsche AG Group companies engage in constant dialog with regulatory agencies, including the Kraftfahrt-Bundesamt (KBA - German Federal Motor Transport Authority) as type approval and market surveillance authorities. It is not possible to predict with assurance how government regulators will assess certain issues of fact and law in a particular situation. For this reason, the possibility that certain vehicle characteristics and/or type approval aspects may in particular ultimately be deemed deficient or impermissible cannot be ruled out. This is also fundamentally a question of the regulatory agency's specific evaluation in a concrete situation.

Risks may also result from actions for infringement of intellectual property, including infringement of patents, brands, or other third-party rights, particularly in Germany and the USA. If the Porsche AG Group is alleged or determined to have violated third-party intellectual property rights, it may for instance have to pay damages, modify manufacturing processes, or redesign products, and may be barred from selling certain products; this may result in delivery and production restrictions or interruptions.
Legal risks may also arise due to the criminal actions of individuals, which even the best compliance management system can never fully rule out.

Where doing so was manageable and economically feasible, adequate insurance cover was taken out to cover these risks. Where necessary based on the information currently available, identified and correspondingly measurable risks have been reflected by recognizing provisions in amounts considered appropriate or disclosing contingent liabilities, as the case may be. Since some risks cannot be assessed, or only to a limited extent, it cannot be ruled out that significant losses or damage may arise in an amount not covered by the insurance or provisions.
Unless otherwise explicitly stated, the amounts disclosed for the litigation reported on here refer only to the respective claim of the other party. Other legal defense costs, such as any legal and consulting fees and litigation costs, are not as a rule reported in connection with the legal disputes presented here.

Diesel issue

On November 2, 2015, the United States Environmental Protection Agency (EPA) issued a notice of violation of the Clean Air Act to Volkswagen AG, ALEX AG, Volkswagen Group of America, Inc., Porsche AG and Porsche Care North America, Inc.

The notice alleges that certain 3.0 liter Vit Volkswagen Group diesel engines are in contravention of the applicable emissions certification standards.

Porsche AG decided to voluntarily halt sales of the roughly 11,5003.0 liter Vit US diesel engines affected by the notice of violation pending a decision and incertification by the US authorities.

On January 4, 2016, the US Department of Justice filed a complaint at the request of the EPA against the above companies, among others. In addition, class actions were filed by customers, dealers and investors and proceedings were initiated by further authorities and institutions (including the Department of Justice (civil and criminal), state attorney generals, the Federal Trade Commission and the Customs and Bicide Protection Agency) over the course of 2016. Porsche AG cooperated with all of the parties involved to clarify the matter.

On January 11, 2017, the US Department of Justice published the agreement with the Volkswagen Group, including Porsche AG. The agreement with Porsche AG is limited to civil penalties. Volkswagen AG has signed a hold harmless agreement for the fines. The Porsche AG Group will not be supervised by an external monitor. The organizational and process requirements have already been largely addressed in the Porsche remediation plan. On May 11, 2017, the agreement of January 2017 was confirmed by the courts. On April 13, 2017, the US Department of Justice concluded the third partial consent decree ("SPCD") in connection with the diesel issue. On July 21, 2017, a comparable agreement ("California PCD") was reached with the United States District Court for the Northern District of California. In this agreement, Porsche AG undertook to meet conditions from the areas of organization, processes, employees and sustainability and to provide evidence of meeting these conditions. These essentially corresponded with the remediation plan.

On October 23, 2017, the US authorities approved the software update submitted for review by the Volkswagen Group relating to emissions compliant repair (ECR) for around 38,000 US vehicles with 3.0 liter Vit TDI generation 2.1 and 2.2 engines. The recall of the approximately 11,500 US Claymire Vit diesel vehicles began in November 2017. The requisite software update was successfully rolled out in the fiscal year 2018. The recall quota specified in the agreement with the US authorities was thus exceeded.

In September 2022, the SPCD was lifted by the court. Porsche has thus met all required conditions. The California PCD was also lifted by the court in September 2022.

AUDI AG has held Porsche AG harmless from the costs of legal risks, litigation, product liability claims or other third-party claims relating to the 2013-2016 Porsche Claymires affected in North America and the waiver of the defense of the statute of limitations was agreed until July 31, 2023 and subsequently extended until July 31, 2027. Consequently, from today's perspective, it is not expected that the Porsche AG Group will be subject to any significant outflow of resources in this regard.

	No	$Q$	$\leftarrow$	$\leftarrow$
MAGAZINE				For the legal proceedings outside of the USA and Canada in connection with the diesel issue, Porsche AG experts based on previous agreements and accounting practice - that the costs incurred in this connection for legal risks and litigation costs will be borne by ALOX AG and will pass the costs on to the latter. No extensive provisions will be recognized for future expected outflows of resources.
TO OUR DIAMEHOLDEKS
CORPORATE GOVERNANCE				On January 21, 2019, the public processor's office in Stuttgart instigated administrative fire proceedings pursuant to sections 30 and 130 of the German Act on Benches of Administrative Regulations (DM40). The administrative offense proceedings initiated against Porsche AG in connection with the diesel issue ended with the fire notice issued by the public processor's office in Stuttgart on May 7, 2019. The fire notice is based on a
COMPREED MANAGEMENT REPORT				negligent breach of supervisory duty in the organizational and Puffield Entwicklung Gesamtfahczeug Qualität [Overall Vehicle Development/Quality- Testing Facility] or its respective successor organization. The fire notice imposes a total fire of 6500 million, comprising a penalty payment of 64 million and the forfeiture of economic benefits amounting to $53.1 million. After a through review, Porsche AG did not appeal the penalty payment,
NON-FINANCIAL STATEMENT (part of the Combined Management Report)				rendering the fine notice legally binding. The fine has been paid in full, thus ending the administrative offense proceedings against Porsche AG. As a consequence, it is highly unlikely that any further penalties or forfeitures will
				be imposed on Porsche AG in Europe in connection with the uniform circumstances underlying the fine notice.
	CONSOLIDATED FINANCIAL STATEMENTS			Furthermore, a number of administrative investigations and proceedings are pending around the world against
	Consolidated income statement			Porsche AG and its subsidiaries as well as against its executive directors with regard to the diesel issue.
	Consolidated			At the end of March 2021, the supervisory board of Volkswagen AG announced the completion of the investigation initiated in October 2019 into the causes of and those responsible for the diesel issue. In this context, the Volkswagen AG group has reached agreement with the relevant insurers under its directors and officers liability policies (D&D insurance) on payment of an aggregate sum of $270 million (coverage settlement). In addition, agreement was reached on damage payments by a former member of AUDI AD's board of management and the former member of Porsche AD's Executive Board, Mr. Wolfgang Hatz (liability settlement). As a result of this liability settlement as well as the coverage settlement, Porsche AG recognized other operating income of
	FURTHER INFORMATION			$630 million in the fiscal year 2021. On June 27, 2023, Mr. Wolfgang Hatz was sentenced to a suspended prison term by the Munich ERegional Court on a charge of fraud. The ruling is not yet legally binding. The liability settlement remains in effect.
				In 2018, the public processor's office in Stuttgart instigated a criminal investigation into the diesel issue against individual persons on suspicion of fraud and illegal advertising. Proceedings against an Executive Board member
				have since been discontinued without determining any misconduct pursuant to section 153a of the German Code of Criminal Procedure (DdPD) against payment of a court-imposed sum. A penalty order was also issued against a Porsche AG employee. This only relates to the Cayenne-V8-TDI-CUE and to a period as of 2016. The penalty order
				has since become legally binding, meaning that these proceedings have also come to an end. According to the information available, the other individual proceedings have also been discontinued pursuant to section 153 (StPD/section 153a StPD, in connection with these proceedings being discontinued, Porsche AG made reimbursements of $2 million to the employees.

THEBMAL WINDOWS

In July 2022, the European Court of Justice (ECC) ruled in one specific case that a so-called thermal window (i.e., a built-in temperature-dependent control of exhaust gas recirculation) in the range of $10^{\circ} \mathrm{C}$ and $33^{\circ} \mathrm{C}$ outside temperature represents a defiant device. In this context, the ECC has developed a new, unwritten criterion according to which a thermal window, even if it serves to prevent sudden and extraordinary engine damage, is inadmissible if it leads to the exhaust gas recirculation being only active to a limited extent for the "urgent part of a year under the driving conditions which are actually prevailing in the European Union area".

In November 2022, an action plan for a software update for the Euro 5 3.0- liter-16-diesel Generation 1 Cayenne with EY type approvals was submitted to the KBA in the course of ongoing talks with the authorities on the impact of this decision. On January 12, 2023, Porsche AG received a notification of a hearing on this vehicle from the KBA, in which the KBA now deems said thermal windows to be a prohibited defiant device. Porsche AG considers this provisional classification by the KBA to be without merit. It has duly delivered an opinion on the letter.

For the Cayenne and Parameter 3.01-16- TDI EUE Generation 2 vehicles with EU type approvals, an action plan had already been approved by the KBA on September 11, 2020. A software update for these vehicles approved by the KBA had already been available since the beginning of 2020. On February 28, 2023, Porsche received a notification of a hearing from the KBA for these vehicles too, in which the KBA deems the aforementioned thermal windows to be a prohibited defiant device. Furthermore, the KBA demands that Porsche AG some all other vehicle concepts that include a comparable temperature-controlled exhaust gas recirculation system. Porsche duly delivered an opinion on the notification of a hearing from the KBA. In its opinion, Porsche AG explains why, according to Porsche's legal position, the aforementioned thermal windows are not a prohibited defiant device.

In a notice to Porsche AG dated December 20, 2023, the KBA determined that the original calibrations used to control exhaust gas recirculation in Cayenne and Parameter 3.01-16-TDI EUE Generation 1 and 2 vehicles were prohibited defiant devices. The measures already underway (Generation 2) or agreed by Porsche AG during the hearing (Generation 1) were provisionally recognized as suitable by the KBA. Porsche AG filed an objection on January 18, 2024 with regard to the finding of non-conformity associated with this decision.

Neither provisions nor contingent liabilities have been recognized as there are currently no specific indications that this will result in any significant outflow of resources.

Other litigation

ANTITRUST WHISTRATIONS: SOF SYSTEMS
In July 2021, the EU-Commission, as part of a settlement decision, imposed a fire of $502.0 million on the three breeds of the Volkswagen Group concerned (Vokewagen AG, AUDI AG, Porsche AG). The subject matter of the European Commission's decision regarding the fire is the cooperation between German car manufacturers regarding the development of technology to purify emissions of diesel passenger cars fitted with SOF systems that were sold in the European Economic Area. The Volkswagen Group accepted the fine decision of the EUCommission and did not appeal, thus rendering the decision legally binding. There was no recourse against Porsche AG by Volkswagen AG.

Following the EU-Commission's decision to impose a fine [July 2021], several class actions were filed in the United Kingdom at the end of 2021, among others against Porsche AG and several of its UK subsidiaries. Neither provisions nor contingent liabilities have been recognized as a realistic risk assessment of these proceedings is currently not possible.

MAGAZINE	VOLUTIONS OF COMPETITION LAW (wOKEA, TÜRKIYE, CHINA)
TO OUR SHAREHOLDERS	The Korean antitrust authorities RFFC also analyzed potential breaches based on the EU subject matter. In April 2023, the RFFC issued its final decision together with the grounds for the decision. Porsche AG is not affected by the alleged antitrust violation and is therefore not covered by the fines decision.
CORPORATE GOVERNANCE	The Turkish antitrust authorities, which investigated similar matters, issued their final decision in January 2022 finding that there had been alleged anti-competitive behavior, but that it did not have an impact on Turkey, which is why no fines were imposed on the German car manufacturers. Legally binding grounds for the decision have not yet been given. Volkswagen AG, AUDI AG and Porsche AG have filed an appeal.
COMPARED MANAGEMENT REPORT	The Chinese antitrust authorities initiated proceedings against companies including Volkswagen AG, AUDI AG and Porsche AG due to similar matters and issued requests for information. Neither provisions nor contingent liabilities have been recognized. In the opinion of the Porsche AG Group, the current status of the investigations does not permit a final assessment of the risk.
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	RELABILITY OF SPECIFIC HARDWARE AND EIFFINARE COMPONENTS ("FOCUS TOPICS") With regard to vehicles for various markets worldwide, Porsche AG has identified potential regulatory issues Potential issues relating to sport functionalities were found. These issues further relate to questions of the reliability of specific hardware and software components that were used in typing measurements. In individual cases, there may be deviations from the series status. The internal investigations into this matter at Porsche AG have largely been completed. Based on the results of the internal investigation, this is an historical matter. Current production is not affected. These issues are not related to the diesel issue. Porsche AG cooperated with the responsible authorities, including the public prosecutor's office in Stuttgart, which instigated a criminal investigation against twelve (former) employees at Porsche AG. Proceedings against all those accused were closed pursuant to section 103 (6PI) in April 2022. Administrative fine proceedings were not instigated against the company.
CONSOLIDATED FINANCIAL STATEMENTS	In June 2023, the US Department of Justice declared that it would not instigate an investigation for the focus topics ("declination").
Consolidated income statement	To date, six different class actions relating to these issues have been filed in the USA. According to the statement of claims, software and/or hardware allegedly used in the affected vehicles resulted in actual exhaust emissions and/or fuel consumption being higher than legally permitted. In January 2021, a consolidated complaint was filed combining the six filed class actions into one lawsuit. The six lawsuits were originally directed against Porsche AG and its US importer subsidies, Volkswagen AG as well as AUDI AG, although not every company is being used in all of the cases at hand. In December 2021, a draft settlement of US$80 million (including a potential additional payment liability of US$5 million) was negotiated with the representatives of the plaintiffs. The agreement has since been finally approved following the final hearing by the US judge responsible on November 9, 2022. Payment was made in the fiscal year 2022 and the provision utilized in the same amount. An appeal was filed against the agreement in December 2022. However, based on the current assessment, it is unlikely that this will have a significant impact on the financial significance of the settlement overall. Based on the information available, the additional payment liability of US$5 million does not apply.
CONSOLIDATED FINANCIAL STATEMENTS	A class action in this regard is also pending in Canada. However, at around 10\%, the number of vehicles potentially affected is considerably lower than in the USA. Talks are currently being held with representatives of the plaintiffs. A settlement - most likely in the single-digit million range - is expected for the second quarter of 2025.

The NHTSA (National Highway Traffic Safety Administration) and the EPA are expected to adjust the CO2 Credits (Corporate Average Fuel Economy ("CAF") "Downhouse Gas ("GHD")) for some of Porsche AG's vehicles. The expected payments will come to US$7 million.

For the focus topics discussed, provisions were recognized covering the above mentioned risks.

CONFIDENITY OF PRODUCTION MEASUREMENTS

Porsche AG has also investigated potential issues regarding conformity of production measurements. The internal investigation has been completed. These issues are not related to the diesel issue. Porsche AG is cooperating with the relevant authorities, including the KBA and the public prosecutor's office in Stuttgart. However, based on the information available, no administrative fine proceedings have been instigated against the company. Proceedings brought by the public prosecutor's office in Stuttgart against unknown were discontinued in August 2022 pursuant to section 170 (2) (6PI). The only significant deviation determined from internal measurements of just over 4\% compared to the manufacturer's figure for a model year of a Cayenne derivative with UNECE type approval according to UN R101 issued by the KBA was reported to the KBA. On March 20, 2023, the KBA submitted a notification of a hearing on this vehicle. According to this, the vehicle exceeds the values seen an relevant by the KBA and more measurements may be taken to verify the manufacturer's figure. Porsche AG has duly delivered an opinion on the notification and recommended that further action be concluded with the local authorities depending on the relevance of the manufacturer's figure. This was approved by the KBA. Following clarification of the matter, Porsche proposed to the KBA at the beginning of March 2024 that the matter be closed without further action. The KBA has not yet responded to this. There are only 108 vehicles on the market from the relevant model year 2018.

Neither provisions nor contingent liabilities have been recognized as there are currently no specific indications that this will result in any significant outflow of resources.

ANTITRIJST WHOSTHATKING (RECYCLING OF END-OF-LIFE VENICE)S

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 initiation of proceedings not to pay for the services of recycling companies that dispose of endof-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 as an assessment of these proceedings is currently not possible.

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

KBA HEARING ON NOISE FUNCTIONS

In August 2022, Porsche AG received a notification of a hearing from the KBA, in which it criticizes the use of certain noise functions in the YM1-II Camera 40 and YM1 Cayman 5 vehicles. The KBA invited Porsche AG to comment and also requested additional measurements.

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TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMPARED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows

43. REMUNERATION BASED ON PERFORMANCE SHARES (SHARE-BASED PAYMENT)

Following the IPD in 2022, the Supervisory Board of Porsche AG decided to adjust management remuneration from fiscal year 2023 onwards. As a result of this change, Porsche AG has three share-based remuneration models until the end of the respective terms. The performance share plan based on Volkswagen preferred shares, the performance share plan based on Porsche preferred shares and the IPD bonus.

In 2019, the group of persons eligible as performance share plan beneficiaries based on the Volkswagen preferred shares was expanded to include top managers. The first performance shares were granted to top managers at the beginning of 2019. At the end of 2019, the group of persons eligible as performance share plan beneficiaries based on the Volkswagen preferred shares was expanded to include all other members of management. At the beginning of 2020, the members of management were granted remuneration based on performance shares for the first time. In the course of introducing the performance share plan based on the Porsche preferred shares, no further Volkswagen performance shares will be granted. Grants have been made to members of the Executive Board and members of top management. The group of persons eligible as performance share plan beneficiaries based on the Porsche preferred shares includes all members of the Executive Board, top management and all other members of management.

The performance share plan based on the Volkswagen preferred shares for top management and the other beneficiaries works in essentially the same way as the performance share plan granted to members of the Executive Board. Upon introduction of the performance share plan based on the Volkswagen preferred shares, top managers were guaranteed a minimum bonus amount for the first three years based on the remuneration for 2018, while the Executive Board and all other beneficiaries received a guarantee for the first three years based on the remuneration for 2019. There is a supplementary agreement in place for the performance share plan based on Porsche preferred shares for top management, which entities the company to make an advance payment of up to 100\% of the target amount in the second year of the performance period of the respective transfer. At the end of the performance period of a transfer, the associated advance payment is offset against the calculated payout amount.

As part of the IPD, the Supervisory Board of Porsche AG also granted an IPD bonus for the members of the Executive Board in the form of a virtual share plan. The aim of this IPD bonus is to provide appropriate incentives for the commitment of the Executive Board members in preparing the IPD and, by its design, take into account the long-term success of the IPD.

Performance shares

The performance period of the performance share plan based on the Volkswagen preferred shares has a three-year term, while the performance period of the performance share plan based on the Porsche preferred shares has a four-year term. For the members of the Executive Board and the top management, upon awarding the long-term incentive (LTI) the annual target amount under the LTI is converted into performance shares on the basis of the initial reference price of Volkswagen or Porsche preferred shares and is granted to the respective beneficiary purely for calculation purposes.

The number of performance shares is granted on the basis of a three-year/four-year, forward-looking performance period in line with the degree of target achievement for the annual earnings per Volkswagen/Porsche preferred share. Settlement is effected in cash at the end of the performance period. The payment amount corresponds to the final number of determined performance shares multiplied by the respective closing reference price at the end of the term plus a dividend equivalent.

For all other beneficiaries, the amount paid out is determined by multiplying the target amount by the degree of target achievement for the annual earnings per Volkswagen/Porsche preferred share. Settlement is effected in cash at the end of the performance period. The payment amount corresponds to the final number of determined performance shares multiplied by the respective closing reference price at the end of the term plus a dividend equivalent.

		Dec 01, 2024	Dec 01, 2025
TO OUR SHAREHOLDERS
		7	12
CORPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT		56	29
		59,509	120,266
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
	Notes to the consolidated financial statements
FURTHER INFORMATION

44. RELATED PARTY DISCLOSURES IN ACCORDANCE WITH IAIS 24

In accordance with IAIS 24, related parties are natural persons and companies that can be influenced by
Ponche AD, that can exert influence on Ponche AG or are under the influence of another related party of
Ponche AG.
Since August 1, 2012, Volkswagen AG had held 100\% of the shares in Ponche AG via Ponche Holding Stuttgart GmbH. On September 28, 2022, Volkswagen played 25\% of the preferred shares (including suryice
allocation) of Ponche AG with investors. Since the following day, these preferred shares have been traded on the stock exchange. Since the end of the stabilization period on October 11, 2022, the free fiscal of the preferred shares amounts to $24.2 \%$ of the preferred share capital of Ponche AG. The basis for the IPO was a comprehensive agreement on the conclusion of several contracts between Volkswagen and Ponche SE. In this context, both
parties agreed, among other things, that Ponche SE acquire 25\% of the ordinary shares plus one ordinary share of Ponche AG from Volkswagen. There are restrictions on the sale of these ordinary shares of Ponche AG by Ponche SE until 2027. The other shares in ordinary share capital of 70\% less one ordinary share in Ponche AG continue to be held by Ponche Holding Stuttgart GmbH as of the reporting date.

As of the reporting date, Ponche AG remains a subsidiary of Ponche Holding Stuttgart GmbH. No domination and profit and loss transfer agreement was in place between Ponche AG and Ponche Holding Stuttgart GmbH in the reporting year. In connection with the IPO and the sale of ordinary shares in Ponche SE, Volkswagen AG and Ponche SE agreed on a significant participation of representatives of Ponche SE on the Supervisory Board of Ponche 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 Ponche AG continue to result in the control of Ponche AG by Volkswagen AG (de facto group).

As of the reporting date, Ponche SE held 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 Ponche SE, via the Annual General Meeting, cannot elect all shareholder representatives to Volkswagen AG's supervisory board for as long as the State of Lower Saxony holds at least 15\% of the ordinary shares. The Ponche SE group (Ponche SE) is therefore classified as a related party as defined by
IAIS 24.
As part of the transfer of the operating business and, in turn, the transfer of Ponche Holding Stuttgart GmbH by Ponche SE to Volkswagen AG in the fiscal year 2012, Ponche SE entered into the following agreements with Volkswagen AG and entitier of the Ponche Holding Stuttgart GmbH group in particular:

• Under the transfer agreement, Ponche SE in certain circumstances holds Ponche Holding Stuttgart GmbH, Ponche AG and their legal predecessors harmless from tax disadvantages that exceed the obligations from periods up to and including, July 31, 2009 recognized at the level of these entities. In return, Volkswagen AG has undertaken to reimburse Ponche SE for any tax benefits of Ponche Holding Stuttgart GmbH, Ponche AG and their legal predecessors and subsidiaries relating to tax assessment periods up to July 31, 2009.
• Ponche SE under certain circumstances holds its subsidiaries transferred under the contribution agreement, Ponche
  Holding Stuttgart GmbH and Ponche AG and its subsidiaries, twenties from certain obligations toward Ponche SE pertaining to the period up to and including December 31, 2011 and that go beyond the obligations recognized for these entities for this period.
• It was also agreed to allocate any subsequent VAT receivables and/or VAT liabilities arising from transactions up to December 31, 2009 between Ponche SE and Ponche AG to the entity concerned.

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MAGAZINE
TO OUR SHARKHOLDERS
CORPORATE GOVERNANCE
COMMUNED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
CONDILIDATED FINANCIAL STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
FURTHER INFORMATION

• Various information, conduct and cooperation duties were agreed between Porsche SE and the Volkswagen Group.
• Volkswagen AG assumed responsibility for general financing for Porsche AG in the same way as it does for other subsidiaries of Volkswagen AG.

In connection with the IPO of Porsche AG, on September 5, 2022, Porsche AG and Volkswagen AG concluded an agreement regulating future relations, in particular the cooperation, coordination and collaboration regarding certain matters. The agreement regarding collaboration in tax matters between Porsche AG and Volkswagen AG of September 18, 2022, encompasses the following in particular:

• Volkswagen AG bears the tax risk of additional taxes, to the extent to which these are not already covered by
  corresponding risk provisioning.
• Volkswagen AG assumes all pre-IPO costs, which also include potential taxes from pre-IPO structuring.
• Statement of financial position items that resulted in higher income taxes at Volkswagen AG for assessment periods
  until the end of 2022, but can lead to tax benefits at Porsche AG through reversal effects in subsequent years from
  2023 onwards, will be reimbursed to Volkswagen AG.
• Various information, conduct and cooperation duties were agreed between Porsche AG and Volkswagen AG.

Furthermore, Porsche AG entered into an industrial cooperation agreement with Volkswagen AG on September 5, 2022, which regulates the future design of the industrial and strategic cooperation between the
Vokewagen Group and the Porsche AG Group. Under this agreement, Porsche AG and Volkswagen AG have agreed to further develop and detail out the existing cooperation between the contractual parties in the fields of purchase and procurement in a separate agreement. Therefore, and in accordance with the specifications of the Industrial Cooperation Agreement, Porsche AG and Volkswagen AG entered into a purchasing and procurement cooperation agreement. This agreement contains general principles for the continuation of the existing cooperation between the contractual parties, including rules on its general organization as well as specific provisions for certain essential
areas of purchasing and procurement.

Pursuant to a consortium agreement, the Porsche and Pilch families have direct and indirect control, respectively, over Porsche SE. Therefore, relations with individuals and entities of the Porsche and Pilch families are subject to the disclosure requirements.

Pursuant to the announcement from January 2, 2025, the State of Lower Saxony and Harrowersche Beteiligungsgesellschaft Niederascheen mbH, Hanover, held 20.00% of the voting rights in Volkswagen AG on December 31, 2024. Furthermore, as mentioned above, the Annual General Meeting of Volkswagen AG resolved on December 3, 2009 that the State of Lower Saxony may appoint two members of the Supervisory Board (right of appointment).

The tables below show the amounts of the supplies and services transacted as well as outstanding receivables and liabilities between fully consolidated companies of the Porsche AG Group and related parties:

Related parties

	Supplies and services received		Supplies and services received
\& notice	2024	2025	2024	2025
Porsche and Pilch families	0	0	0	0
Porsche SE	3	3	0	0
State of Lower Saxony, its majority interests and joint ventures		0	-	-
Volkswagen AG - Group	4,789	4,889	4,970	4,695
Porsche Holding Stuttgart GmbH	0	3	-	-
Non-consolidated entities	110	175	229	256
Joint ventures and their majority interests	3	2	70	33
Associates and their majority interests	5	6	156	203
Pension plans	1	1	1	0
Members of the Executive Board and the Supervisory Board Porsche AG	2	1	-	-
Other related parties	-	-	-	-
Total	4,913	5,079	7,427	7,157
	Receivables		Liabilities
\& notice	Dec. 31,2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Porsche and Pilch families	0	0	0	0
Porsche SE	0	0	0	0
State of Lower Saxony, its majority interests and joint ventures	-	0	-	-
Volkswagen AG - Group	4,426	4,399	1,801	2,015
Porsche Holding Stuttgart GmbH	-	-	67	67
Non-consolidated entities	1,072	708	276	147
Joint ventures and their majority interests	66	60	7	6
Associates and their majority interests	153	137	90	115
Pension plans	-	-	0	0
Members of the Executive Board and the Supervisory Board Porsche AG	0	0	-	-
Other related parties	-	-	-	-
Total	5,720	7,005	2,243	2,351

All transactions with related parties are regularly carried out at arm's length conditions.
There were no material trade relationships with the Porsche and Pilch families and their affiliated companies in the reporting period or the prior period.

Receivables from the Volkswagen Group largely relate to cash post receivables of €32.70 million
(2023: €4,064 million), loans granted of €0 million (2023: €530 million), receivables from intragroup balances of
€0 million (2023: €85 million) and trade receivables of €467 million (2023: €407 million).

COMBINED MANAGEMENT REPORT

NON-FINANCIAL STATEMENT
(part of the Continual Management Report)

CONSOLIDATED FINANCIAL

STATEMENTS
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of
charges in equity
Consolidated statement of cash
flows
Notes to the consolidated financial statements

FURTHER INFORMATION

The supplies and services rendered to the Volkswagen group contain amounts of $£ 114$ million (2023): $€ 119$ million) for service transfers in the area of research and development.

In addition, there were other obligations not recognized in the statement of financial position in 2024 to Volkswagen Group companies amounting to $€ 391$ million (2023): €360 million).
Receivables from non-consolidated subsidiaries primarily result from loans granted of $€ 909$ million (2023): €624 million), with €30 million (2023): €20 million) relating to Dasteo Grundstücksverwaltungsgesellschaft mbH \& Co. Vermietungs AG, as well as trade receivables of $€ 27$ million (2023): €54 million). Receivables from associates mainly result from receivables from non-current finance leases of $€ 27$ million (2023): €24 million) as well as from loans granted €105 million (2023): €105 million).
In 2024, there were other obligations not recognized in the statement of financial position to non-consolidated subsidiaries amounting to $€ 195$ million (2023): €409 million), to associates of $€ 210$ million (2023): €227 million) and to joint ventures of $€ 21$ million (2023): €5 million).
The tables above do not contain the dividend payments received from joint ventures and associates of $€ 4$ million (2023): €2 million). War do the tables contain the dividends of $€ 1,664$ million (2023): € $690$ million) paid to Porsche Holding Stuttgart GmbH and the dividends of €262 million (2023): €114 million) paid to Porsche SE.

The maximum default risk for financial guarantees issued to joint ventures amounted to $€ 57$ million (2023): €62 million).

The disclosure requirements under IAS 24 also extend to persons who have the power to exercise significant influence over the entity, i.e., who have the power to participate in the financial and operating policies of the entity, but do not control it, including close family members. In the reporting period, this related to the members of the Executive Board of Porsche AG and its Supervisory Board as well as their close family members. Supplies and services rendered and receivables from members of management bodies and the Supervisory Board only included services from the vehicle, parts and design business, and other services. The employee representatives appointed to the Supervisory Board continue to be entitled to a normal salary in accordance with their employment contracts.

The benefits and compensation paid to the members of the Executive Board and of the Supervisory Board for the work as members of those bodies are presented below and are not included in the above list of supplies and services rendered or received or the list of the receivables and liabilities.

In addition, the following benefits and compensation granted to the members of the Executive Board and of the Supervisory Board of Porsche AG have been recognized as expenses for their work as members of those bodies at Porsche AG:

$€ 1050$	2024	2025
Short-term employee benefits	20	16
Benefits based on performance shares	2	4
Post-employment benefits	3	3
	35	23

There were balances outstanding at the end of the period including obligations for short-term and long-term benefits including post-employment benefits as well as for the fair values of the performance shares granted to the Executive Board members under the performance share plans based on the Volkswagen and Porsche preferred shares and virtual shares in connection with the IPO bonus of $€ 63$ million (2023): € 62 million). « 62. ADMINISTRY ON BASED ON PERFORMANCE IHANDS (SHARE AMASS PATIENT). The post-employment benefits concern the additions to pension provisions for service cost relating to active Executive Board members including the pension plans funded by Executive Board members. The chairman of the Executive Board of Porsche AG, who is also chairman of the board of management of Volkswagen AG, receives half of his remuneration from Porsche AG and half from Volkswagen AG.

In the fiscal year, the Porsche AG Group made capital contributions at related parties of $£ 154$ million (2023): $€ 217$ million).

45. TOTAL FEES OF THE GROUP AUDITOR

Porsche AG is required by German commercial law to disclose the total fees charged by the group auditor, "EV GmbH \& Co. KG Wirtschaftsprüfungsgesellschaft", Stuttgart, for the fiscal year.

The financial statement audit services related to the audit of the consolidated financial statements of Porsche AG and of annual financial statements of German group companies, to reviews of the interim consolidated financial statements of Porsche AG as well as of interim financial statements of German group companies during the year. Other assurance services mainly related to non-statutory audits as well as non-statutory assurance services for capital market transactions.

46. SUBSEQUENT EVENTS

There were no events of significance for the results of operations, financial position and net assets after the end of the fiscal year 2024.

	Name of company	Specialty	Country	Currency	Licenses	Earnings rate (ET-1)	Share	Industry	Total	Equity in Households, Total (in 2009)	Profits from all Households, Total (2009)	Year	Year
	Pseudo-Cross North America, NC	Atlanta/GA	USA	USD	1.0410		100.00	100.00	3,141,374	635,917		2023
	Pseudo-Central and Eastern Europe s.i.s.	Prague	Czech Republic	CDR	25.1005	100.00		100.00	169,196	17,922		2023
	Pseudo-Centre Beijing	Beijing	China	CNY	7.5986	-	100.00	100.00	42,458	37,267		2023
	Pseudo-Centre Beijing, Geitengard Ltd.	Beijing	China	CNY	7.5986	-	100.00	100.00	24,445	22,945		2023
	Pseudo-Centre North America Ltd.	Toronto/ON	Canada	CAD	1.4972	-	100.00	100.00	26,430	5,093		2023
	Pseudo-Centre Shanghai, Changcheng,	Shanghai	China	CNY	7.5986	-	100.00	100.00	85,173	54,448		2023
	Pseudo-Centre Shanghai-Wegwegon Ltd.	Shanghai	China	CNY	7.5986	-	100.00	100.00	92,714	22,982		2023
	Pseudo-Consulting Ltd.	Shanghai	China	CNY	7.5986	-	100.00	100.00	69,296	15,423		2023
	Pseudo-Consulting S.I.I.	Milan	Italy	EUR		-	100.00	100.00	22,372	3,621		2023
	Pseudo-Consulting, Inc.	Atlanta/GA	USA	USD	1.0410		100.00	100.00	5,205	489		2023
	Pseudo-Consulting GmbH	Zell am See	Austria	EUR		-	100.00	100.00	4,393	1,741		2023
	Pseudo-Consulting S.I.I.	Milan	Italy	EUR		-	100.00	100.00	22,372	3,621		2023
	Pseudo-Consulting, Inc.	Atlanta/GA	USA	USD	1.0410		100.00	100.00	5,205	489		2023
	Pseudo-Consulting GmbH	Zell am See	Austria	EUR		-	100.00	100.00	4,393	1,741		2023
	Pseudo-Consulting S.I.I.	Milan	Italy	EUR		-	100.00	100.00	22,372	3,621		2023
	Pseudo-Consulting, Inc.	Atlanta/GA	USA	USD	1.0410		100.00	100.00	5,205	489		2023
	Pseudo-Consulting GmbH	Zell am See	Austria	EUR		-	100.00	100.00	4,393	1,741		2023
	Pseudo-Consulting S.I.I.	Milan	Italy	EUR		-	100.00	100.00	2,832	159		2023
	Pseudo-Consulting S.A.S.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting S.A.S.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	USD	1.0410		-	100.00	10.00	44,641	3,420	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	100.00	44,641	3,420		2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420		2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023		2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023	2023	2023
	Pseudo-Consulting, Inc.	VSAS	USA	1.0410		-	100.00	44,641	3,420	2023	2023	2023	2023	2023	2023

MAGAZINE	Name of company	Quantity	Country	Currency	Exchange rate (ET-1) (No. 01, 2004)	Share	Indices	Total	Equity in thousands, Total earnings	Profit from in thousands, Total earnings	Post- rate	Yes
Changsha Jin Gang	Shanghai Jin Gang
Changsha Jin Gang	Shanghai Jin Gang
Changsha Jin Gang	Shanghai Jin Gang
			China	CNY	7.5986	-	100.00	100.00	23,442	$-79$	2023
TO OUR SHARKHOLDERS	B. Unconsolidated companies
	1. Germany
CORPORATE GOVERNANCE	California Group GmbH	Tübingen	Germany	EUR			100.00	100.00	$-44,252$	$-79,956$	2023
Costco GmbH	Pfucchein	Germany	EUR		100.00		100.00	5,838	1,701	2023
OXMENAED MANAGEMENT REPORT	Oexmee Countryside- www.oxmee-gymnastics - school- work & art. International AG
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	Mainz	Germany	EUR		94.00		94.00	$-522$	$-74$	2023
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	Mainz	Germany	EUR		94.00		94.00	$-172$	15	2023
		Berlin	Germany	EUR			100.00	100.00	125	-	2023
	Marittau
	Sennodammum GmbH	Meisgurth	Germany	EUR			100.00	100.00	1,493	625	2023
CONSOLIDATED FINANCIAL STATEMENTS	Oves 7aie GmbH	Cologne	Germany	EUR	100.00		100.00	707	$-994$	2023
	Pachtmanow GmbH	Ditzebroim	Germany	EUR			60.00	60.00	108,477	$-31,436$	2023
	Paccini-Sackets
	Bensfigungsspanplisch	Stuttgart	Germany	EUR			100.00	100.00	27	0	2023
	aff. HSF
Consolidated statement of changes in equity					100.00		100.00	27	0	2023
Consolidated statement of cash flows
		Dublin/OH	USA	USD	1.0410		100.00	100.00	177	$-27$	2023
							90.05	90.05	42	7	2023
MHP (Shanghai) Management Consolidated Co., Ltd.	Shanghai	China	CNY	7.5986	-	100.00	100.00	32,808	1,598	2023
MHP American, Inc.	Atlanta/GA	USA	USD	1.0410		100.00	100.00	438	$-1,347$	2023
MHP Consulting UK Ltd.	Birmingham	United Kingdom	SBP	0.8302		100.00	100.00	83	38	2023
MHP Management and IT Consulting Mexico, Inc.	St. Louis, MO	Reading

	Name of company	Specialty	Country	Currency	Exchange rate (ET-1)			Equity in thousands, total currency		Profit from in thousands, total currency	Post- rate		Year
	Poverty Work/neighbour	Subtotal
							100.00	100.00		-	-	10	2024
	Basic IT Solutions Pvt. Ltd.	Bangalore	India	INR	891080		100.00	100.00		-	-	10	2024
	Shanghai Advanced Automobile Technical Centre Co., Ltd.	Shanghai	China	CNY	75986		100.00	100.00		17,257	3,821		2023
	NI .JDINT VENTURES
CONDINED MANAGEMENT REPORT
	1. Germany
	2. International

	Name of company	Density	Country	Currency	Earnings rate (ET-1)	Shares	Indirect	Total	Equity in thousands, Total	$\begin{gathered} \text { Equity } \ \text { in thousands, } \ \text { Total } \end{gathered}$	Profit from in thousands, Total	$\begin{gathered} \text { Year } \ \text { year } \end{gathered}$
	All office GmbH	Hamburg	Germany	EUR			7.95	7.95					2023
	eMDRG Sports
	Technology GmbH	Berlin	Germany	EUR			8.09	8.09	$-1,126$	$-984$	2023
	Retuxa GmbH	Munich	Germany	EUR			7.99	7.99	4,433	$-1,561$	2023
	8YSES GmbH	Berlin	Germany	EUR			11.57	11.57	3,457	$-1,310$	2023
	Shagatst GmbH	Berlin	Germany	EUR			3.70	3.70					2023
	Tomorrow GmbH	Hamburg	Germany	EUR			3.14	3.14					2024
	Triple Al GmbH	Berlin	Germany	EUR			5.69	5.69	900	$-275$	2023
	WERKERMOE GmbH	Munich	Germany	EUR			5.41	5.41	7,957	$-1,972$	2023
	2. International
	actures Inc.	Dover/DE	USA	USD	1.0410		3.69	3.69				2023
	AM Berberes LLC	Bibicica/NA	USA	USD	1.0410		1.80	1.80				2023
	Ansging Ltd.	Nr.Ave	Israel	$£ 3$	3.7953		4.74	4.74				2023
	Applied Intuition, Inc.	Morocco	USA	USD	1.0410		4.46	4.46				2024
		Opened
		ניצחת
	Atomic Industries Inc.	Cleveland	Henghe/USA	USA	USD	1.0410		5.35	5.35			2023
	Brبع Ltd.	Fribourg	Switzerland	CHF	0.9421		3.50	3.50	11,033	$-8,084$	2023
	Beijing Achievers
	Management
	Consultated income statement	Beijing	China	CNY	7.5986		14.90	14.90	7,596	$-3,308$	2023
	Consolidated statement of comprehensive income		United
			United Kingdom				0.30	0.30				2023
	Buroper International	London
	Ltd.
	Consolidated statement of financial position	Carftotty		USA	USD	1.0410		10.08	10.08			2023
	Chemix, Inc.	Surmyranda	USA	USD	1.0410		5.33	5.33				2024
	General GILL	St. Petersburg	USA	USD	1.0410		4.90	4.90				2023
	Costs Intelligence
			USA	USD	1.0410		0.79	0.79				2023
	Dream MacGraw
	Immunization Inc.		USA	USD	1.0410		5.52	5.52				2023
	Digi Holding Ltd.	Waymouth		US			4.17	4.17				2023
	Buroper International		USA	USD	1.0410		3.99	3.99	379,526	$-52,463$	2023
	Combi
	Era One, L.P.
	Fortinada Capital		USA	USD	1.0410		4.64	4.64	465,017	$-3,574$	2023
	Pastures III, L.P.	Detroit/MI	USA	USD	1.0410		9.64	9.64	78,774	$-531$	2023
	Gola Automotive
	Engineering Ltd.	Peters
USA	USA	USD	1.0410		4.89	4.89				2023
	Grow Ventures II L.P.
	Grow Ventures III L.P.	Grand	Cayman
	Grow Ventures I, P.
	Parkuson
	Parkuson

476	RESPONSIBILITY STATEMENT
477	INDEPENDENT AUDITOR'S REPORT
485	INDEPENDENT AUDITOR'S REPORT
487	INDEPENDENT AUDITOR'S REPORT
490	ABOUT THIS REPORT
492	GRI CONTENT INDEX
498	TOYO INDEX
499	SASB INDEX
502	KEY FINANCIAL FIGURES
503	GLOSSARY
509	FINANCIAL CALERIDAR 2025
512	LEGAL NOTICE

$\equiv Q$

MAGAZINE

TO OUR SHARKHOLDERS

CORPORATE GOVERNANCE	To the best of our knowledge, and in accordance with the applicable reporting principles, the 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 combined 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.
CONSOLIDATED FINANCIAL STATEMENTS	Stuttgart, February 24, 2025
	Dr. Ing. h.c. F. Porsche Aktiengesellschaft The Executive Board
FURTHER INFORMATION
I	Responsibility statement
I	Independent auditor's report
	Independent auditor's report
	Independent auditor's report
About this report
	GR content index
	TCFG Index
	SASR index
	Key financial figures
	Glossary
Financial calendar 2025
Legal notice

Report on the audit of the consolidated financial statements and of the combined management report

OPINIONS

We have audited the consolidated financial statements of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Stuttgart, and its subsidiaries (the "group"), which comprise the consolidated income statement and consolidated statement of comprehensive income for the fiscal year from January 1 to December 31, 2024, the consolidated statement of financial position as of December 31, 2024, the consolidated statement of changes in equity and the consolidated statement of cash flows for the fiscal year from January 1 to December 31, 2024, and the notes to the consolidated financial statements, including material accounting policy information. In addition, we have audited the group management report of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, which is combined with the management report of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, for the fiscal year from January 1 to December 31, 2024. In accordance with the German legal requirements, we have not audited the content of the parts of the combined management report specified in the appendix to the auditor's report and the company information stated therein that is provided outside of the annual report and is referenced in the combined management report.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) (IFRS Accounting Standards) and adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB ("Handelsgesetzbuch": German Commercial Code) and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as of December 31, 2024 and of its financial performance for the fiscal year from January 1 to December 31, 2024, and
• the accompanying combined management report as a whole provides an appropriate view of the group's position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. We do not express an opinion on the content of the parts of the combined management report listed in the appendix to the auditor's report.

Pursuant to section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the combined management report.

BASIS FOR THE OPINIONS

We conducted our audit of the consolidated financial statements and of the combined management report in accordance with section 317 HGB and the EU Audit Regulation (No. 637/2014, referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftspolite (Institute of Public Auditors in Germany) (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and of the combined management report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with article 10 (2) f.) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the combined management report.

$\equiv Q \leftarrow \rightarrow \leftarrow$
MAGAZINE
TO OUR DAMENOLOGIES
CORPORATE GOVERNANCE
COMMED MANAGEMENT
REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
CONSOLIDATED FINANCIAL
STATEMENTS
FUITURE INTERMATION
Responsibility statement
1 Independent auditor's report
Independent auditor's report
Independent auditor's report
About this report
GIR contest index
TCFD Index
SADE Index
Key financial figures
Glossary
Financial calendar 2025
Legal notice

In light of the uncertainty in relation to the estimated future warranty costs, we assessed the underlying valuation assumptions, especially the expected claim rate per vehicle and the cost thereof, using analyses of historical data. Where there was a lack of past experience, we obtained an understanding of the assumptions made by the executive directors and analyzed them using historical data for comparable items. Using the calculation bases derived from these historical data, we checked the estimated costs for expected claims per vehicle. To assess the completeness of the provisions, we also reconciled the number of vehicles used to recognize the provision with the involved sales volumes. We obtained an understanding of the method used for calculating the provisions, including the discounting, and reperfumed the calculations.

NON-FINANCIAL STATEMENT

• Independent auditor's report
• Independent auditor's report
• About this report
• GIR contest index
• TCFD Index
• SADE Index
• Key financial figures
• Glossary
• Financial calendar 2025
• Legal notice

Our opinion on the consolidated financial statements and on the combined management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information

• is materially inconsistent with the consolidated financial statements, with the combined management report or our knowledge obtained in the audit, or
• otherwise appears to be materially intorated.

Responsibilities of the executive directors and the

Supervisory Board for the consolidated financial statements and the combined management report The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to section 37 for [1] HGB, and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the executive directors are responsible for assessing the group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the executive directors are responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the group's position and a, in all material respects, consistent with the consolidated financial statements, complex with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The Supervisory Board is responsible for overeating the group's financial reporting process for the preparation of the consolidated financial statements and of the combined management report.

Auditor's responsibilities for the audit of the

consolidated financial statements and of the
combined management report
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the group's position and, in all material respects, a consistent with the consolidated financial statements and the knowledge obtained in the audit, complex with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftspolite (EIW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

We exercise professional judgment and maintain professional
deprivation throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, so fraud may involve collusion, forgery, intentional emissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal controls relevant to the audit of the consolidated financial statements and of arrangements and measures (systems) relevant to the audit of the combined management report or order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls systems of the group or these arrangements and measures (systems).
• Evaluate the appropriateness of accounting policies used by management and the reasonableness of estimates made by management and related disclosure.
• Conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group to cease to be able to continue as a going concern.

$\equiv Q \leftarrow \rightarrow \leftarrow$	Evaluate the overall presentation, structure and content of the consolidated financial statements, including the discti- sures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the group in compliance with the IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to section 310a [1] HGB.
MAGAZINE	Plan and perform the audit of the consolidated financial statements to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group to express opinions on the conso-
TO OUR DIAMENOLOGIES	datedness.
CORPORATE GOVERNANCE	Perform audit procedures on the prospective information presented by the executive directors in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper devisa-
CONEMED MANAGEMENT REPORT	tion of the proposed management report and do not take thei
NON-FINANCIAL STATEMENT (part of the Combined Management Report)	is a substantial unannidable risk that future events will differ materially from the prospective information.
CONSOLIDATED FINANCIAL STATEMENTS	We communicate with those charged with governance regard-
	ing, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.
	We also provide these charged with governance with a statement that we have compiled with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, the related safeguards.
FUITURE INFORMATION	From the matters communicated with those charged with
Responsibility statement	governance, we determine these matters that were of most significance in the audit of the consolidated financial state-
I Independent auditor's report	ments of the current period and we therefore the key audit
Independent auditor's report	mations. We deaclute these matters in our auditor's report
Absut this report	unless law or regulation precludes public disclosure about the matter.
ORI content index
TEPO index
SADE index
Key financial figures
Country
Financial calendar 2025
Legal notice

Form the matters communicated with those charged with governance, we determine these matters that were of most significance in the audit of the consolidated financial statements of the current period and we therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

OTHER LEGAL AND REGULATORY REQUIREMENTS

Report on the assurance on the electronic

rendering of the consolidated financial statements and the combined management report prepared for publication purposes in accordance with section 317 [3a] HGB OPINION
We have performed assurance work in accordance with section 317 [3a] HGB to obtain reasonable assurance about whether the rendering of the consolidated financial statements and the combined management report (hereinafter the "ESEF documents") contained in RSC, AYE, JFRS, 2024-12-31.pp and prepared for publication purposes complex in all material respects with the requirements of section 328 [1] HGB for the electronic reporting format ("ESEF format"), in accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format and therefore relates neither to the information contained in the file identified above.

In our opinion, the rendering of the consolidated financial statements and the combined management report contained in the file identified above and prepared for publication purposes complex in all material respects with the requirements of section 328 [1] HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinions on the accompanying consolidated financial statements and the accompanying combined management report for the fiscal year from January 1 to December 31, 2024 contained in the "Report on the audit of the consolidated financial statements and of the combined management report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the file identified above.

BASSE FOR THE OPINION
We conducted our assurance work on the rendering of the consolidated financial statements and the combined management report contained in the file identified above in accordance with section 317 [3a] HGB and the IDW Assurance Standard Assurance on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in Accredence with section 317 [3a] HGB [IDW AaS 410] [06.2022]. Our responsibility in accordance therewith is further described in the "Group auditor's responsibilities for the assurance work on the ESEF documents" section. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality Management in the Audit Firm [IDW GMS 1 [06.2022].]

RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVIOORY BEARO FOR THE ESEF DOCUMENTS
The executive directors of the company are responsible for the preparation of the ESEF documents including the electronic rendering of the consolidated financial statements and the combined management report in accordance with section 328 [1] sentence 4 No. 1 HGB and for the tagging of the consolidated financial statements in accordance with section 328 [1] sentence 4 No. 2 HGB.
In addition, the executive directors of the company are responsible for such internal control as they have determined necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of section 328 [1] HGB for the electronic reporting format.
The Supervisory Board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process.

GROUP AUDITORS RESPONSIBILITIES FOR THE ASSURANCE WORK ON THE ESEF DOCUMENTS
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of section 328 [1] HGB. We exercise professional judgment and maintain psychological-deplocion throughout the assurance work. We also:

• Identify and assess the risks of material non-compliance with the requirements of section 328 [1] HGB, whether due to fiscal or error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
• Evaluate the technical validity of the ESEF documents, i.e., whether the file containing the ESEF documents meets the requirements of Commission Delegated Regulation [EU] 2019-915, in the version in force at the date of the financial statements, or the technical specification for this file.
• Evaluate whether the ESEF documents enable an INITML rendering with content equivalent to the audited consolidated financial statements and to the audited combined management report.
• Evaluate whether the tagging of the ESEF documents with Index MMS, technology [MBX], in accordance with the requirements of articles 4 and 6 of Commission Delegated Regulation [EU] 2019-915, in the version in force at the date of the financial statements, enables an appropriate and complete machine-readable MMS, copy of the INITML rendering.

FURTHER INFORMATION FURSIGANT TO

AIRTILE 10 OF THE EU AUDIT REGULATION
We were elected as group auditor by the Annual General Meeting on June 7, 2024. We were engaged by the Supervisory Board on July 11, 2024. We have been the group auditor of Dr. Ing. h.c. F. Porushe Aktiengesellschaft without interruption since fiscal year 2020.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the Audit Committee pursuant to article 11 of the EU Audit Regulation [long-form audit report].

In addition to the financial statement audit, we have provided to the group entities the following services that are not disclosed in the consolidated financial statements or in the combined management report:

• Non-statutory assurance services with regard to financial information

OTHER MATTER—USE OF THE AUDITORS REPORT

Our auditor's report must always be read together with the audited consolidated financial statements and the audited combined management report as well as the assured ESEF documents. The consolidated financial statements and the combined management report converted to the ESEF format—including the versions to be published in the Untemetemere- register (German Company Register)—see merely electronic renderings of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the assured ESEF documents made available in electronic form.

GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT

The German Public Auditor responsible for the engagement is Christian Baur.

APPENDIX TO THE AUDITORS REPORT

1. Parts of the combined management report

whose content is unaudited

We have not audited the content of the following parts of the combined management report:

• the group non-financial statement combined with the non-financial statement contained in the "Non-Financial Statement" section of the combined management report and
• the corporate governance declaration which is published on the website stated in the combined management report and is part of the combined management report

Furthermore, we have not audited the content of the following disclosures extraneous to management reports. Disclosures extraneous to management reports are such disclosures that are not required pursuant to Seca. 315, 315a HGB or Seca. 315b to 315d HGB:

• the disclosures extraneous to management reports contained in the "Report on Risks and Opportunities" chapter in the section entitled "Monitoring of the effectiveness of risk management, the internal control system and the compliance management system".

2. Further other information

"Other information" further comprises the following parts of the annual report, which were provided to us prior to us issuing this auditor's report:

• Magazine
• To our shareholders
• Corporate governance
• Responsibility statement
• Further information
  but not the consolidated financial statements, not the management report disclosures whose content is audited and not our auditor's report thereon.

3. Company information outside of the annual report referenced in the notes to the consolidated financial statements and in the combined management report

The notes to the consolidated financial statements and combined management report contain other cross-references to the websites of the group. We have not audited the contents of information to which the cross-references refer."

Stuttgart, March 4, 2025
EY GmbH \& Co. KG
Wirtschaftsprüfungsgesellschaft

Materials

Wirtschaftspolite
[German Public Auditor]

10 OR. ING. H.G. F. PORISCHE AKTIENGESELLSCHAFT

We have audited the attached remuneration report of Dr. Ing. h. G. F. Porsche Aktiengesellschaft, Stuttgart, prepared to comply with section 162 of the German Stock Corporation Act (AktG) for the fiscal year from January 1 to December 31, 2024 and the related disclosures.

RESPONSIBILITIES OF THE EXECUTIVE

DIRECTORS AND THE SUPERVISORY BOARD
The executive directors and the Supervisory Board of Dr. Ing. h. G. F. Porsche Aktiengesellschaft are responsible for the preparation of the remuneration report and the related disclosures in compliance with the requirements of section 163 AktG. In addition, the executive directors and the Supervisory Board are responsible for such internal control as they determine is necessary to enable the preparation of a remuneration report and the related disclosures that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on this remuneration report and the related disclosures based on our audit. We conducted our audit in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftspolite [Institute of Public Auditors in Germany] (IDW). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the remuneration report and the related disclosures are free from material misstatement, whether due to fraud or error.

An audit involves performing procedures to obtain audit evidence about the amounts in the remuneration report and the related disclosures. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the remuneration report and the related disclosures, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation of the remuneration report and the related disclosures in order to plan and perform audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the accounting policies used and the responsibilities of accounting estimates made by the executive directors and the Supervisory Board, as well as evaluating the overall presentation of the remuneration report and the related disclosures.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

OPINION

In our opinion, on the basis of the knowledge obtained in the audit, the remuneration report for the fiscal year from January 1, to December 31, 2024 and the related disclosures comply, in all material respects, with the financial reporting provisions of section 162 AktG.

$\equiv Q \leftarrow \rightarrow \leftarrow$	RESPONSIBILITIES OF THE EXECUTIVE
	DIRECTORS AND THE SUPERVISORY BDAED FOR THE NON-FINANCIAL REPORTING
MAGAZINE	The executive directors are responsible for the preparation of the group non-financial reporting in accordance with the applicable German legal and European requirements as well as with the supplementary criteria presented by the executive directors of the company and for designing, implementing and maintaining such internal control that they have considered necessary to enable the preparation of group non-financial reporting to accordance with these requirements that is free from mate-rial misstatement, whether due to fraud (i.e. fraudulent group non-financial reporting) or error.
CORPORATE GOVERNANCE	This responsibility of the executive directors includes establishing and maintaining the materiality assessment process, selecting and applying appropriate reporting policies for preparing the group non-financial reporting, as well as making assumptions and estimates and ascertaining forward-making information for individual sustainability-related disclosures.
COMPREED MANAGEMENT REPORT	The Supervisory Board is responsible for overseeing the process for the preparation of the group non-financial reporting.
NON-FINANCIAL STATEMENT (part of the Continent Management Report)	INHIDENT LIMITATIONS IN PREPAIRING THE GROUP NON-FINANCIAL REPORTING
CONSOLIDATED FINANCIAL STATEMENTS	The supésable German legal and European requirements contain wording and terms that are subject to considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been published. Therefore, the executive directors have disclosed their interpretations of such wording and terms in the section "EU 'Sweatery' of the group non-financial reporting. The executive directors are responsible for the reasonableness of these interpretations. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of sustainability matters based on these interpretations is uncertain.
FURTHER INFORMATION	These inherent limitations also affect the assurance engagement on the group non-financial reporting.
RESPONSIBILITIES OF THE EXECUTIVE
DIMIDERIST LIMITATIONS IN PREPAIRING THE GROUP NON-FINANCIAL REPORTING
	The supésable German legal and European requirements contain wording and terms that are subject to considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been published. Therefore, the executive directors have disclosed their interpretations of such wording and terms in the section "EU 'Sweatery' of the group non-financial reporting. The executive directors are responsible for the reasonableness of these interpretations. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of sustainability matters based on these interpretations is uncertain.
FURTHER INFORMATION	As part of a limited assurance engagement in accordance with
	(See of the Continent Management Report)
NON-FINANCIAL STATEMENT (part of the NON-FINANCIAL REPORTING
	The supésable German legal and European requirements include the use of the NON-FINANCIAL REPORTING.
NON-FINANCIAL REPORTING
	Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the group non-financial reporting has not been prepared, in all material respects, in accordance with the applicable German legal and European requirements and the supplementary criteria presented by the company's executive directors, and to issue an assurance report that includes our assurance conclusion on the group non-financial reporting.
	As part of a limited assurance engagement in accordance with
	(GEE 3000 [Review], we exercise professional judgment and maintain professional skepticism. We also:
	- Obtain an understanding of the process used to prepare the group non-financial reporting, including the materiality assessment process carried out by the company to identify the disclosures to be reported in the group non-financial reporting.
	- Identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, fissges, intentional omissions, misrepresentations or the exercise of rational control. In addition, the risk of not detecting a material misstatement in information obtained from sources not within the company's control (value chain information); is ordinarily higher than the risk of not detecting a material misstatement in information obtained from sources within the company's control, as both the company's executive directors and we as practitioners are ordinarily subject to restrictions on direct access to the sources of the value chain information.
	Consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information.

SUMMARY OF THE PROCEDURES PERFORMED BY THE GERMAN PUBLIC AUDITOR

A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability informa tion. The nature, timing and extent of the selected procedures are subject to our professional judgment.

In performing our limited assurance engagement, we:

• Evaluated the suitability of the criteria as a whole pe sented by the executive directors in the group non-financial reporting.
• Inquired of the executive directors and relevant employees involved in the preparation of the group non-financial reporting about the preparation process, including the materiality assessment process carried out by the company to identify the disclosures to be reported in the group non-financial reporting, and about the internal controls relating to this process.
• Evaluated the reporting policies used by the executive directors to prepare the group non-financial reporting.
• Evaluated the reasonableness of the estimates and related information provided by the executive directors.
• Performed analytical procedures and made requires in relation to selected information in the group non-financial reporting.

Considered the presence for identifying taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the group non-financial reporting.

RESTRUCTION OF USE

We draw attention to the fact that the assurance engagement was conducted for the company's purposes and that the assurance report is intended solely to inform the company about the result of the assurance engagement. As a result, it may not be suitable for another purpose than the aforementioned. Accordingly, the assurance report is not intended to be used by third parties for making [financial] decisions based on it. Our responsibility is to the company alone. We do not accept any responsibility to third parties. Our assurance conclusion is not modified in this respect.

GENERAL ENGAGEMENT TERMS AND LIABILITY
The 'General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer and Wirtschaftsprüfungsgeschäftsaften [German Public Auditors and Public Audit Firms]' dated January 1, 2024, which are attached to this report, are applicable to this engagement and also govern our relations with third parties in the context of this engagement (by-ske-ash-en-2024.pdf).

In addition, please refer to the liability provisions contained there in no. 9 and to the exclusion of liability towards third parties. We accept no responsibility, liability or other obligations towards third parties unless we have concluded a written agreement to the contrary with the respective third party or liability cannot effectively be precluded.

We make express reference to the fact that we will not update the assurance report to reflect events or circumstances arising after it was issued, unless required to do so by law. It is the sole responsibility of anyone taking note of the summarized result of our work contained in this report to decide for their purposes and to supplement, verify or update it by means of their own review procedures.

Stuttgart, March 4, 2025
EY GmbH \& Co. KG
Wirtschaftsprüfungsgeschäft
Bau
Wirtschaftsprüfer
[German Public Auditor]

HIG

| $\begin{aligned} & \text { NON-FINANCIAL STATEMENT } \ & \text { (part of the Continual Management Report) } \end{aligned}$ | | | | |
| :--: | :--: | :--: | :--: |
| CONSOLIDATED FINANCIAL STATEMENTS | | | | |
| | | | | |
| | | | | |
| FUITURE INFORMATION | | | | |
| | | | | |
| RESPONSE INFORMATION | | | | |
| | | | | For the Content Index - Essentials With Reference option Service, GRI Services reviewed that the GRI content index has been presented in a way consistent with the requirements for reporting with reference to the GRI Standards, and that the information in the index is clearly presented and accessible to the stakeholders. The service was performed on the German version of the report. | |
| | | Statement of use | The Perache-60 Group has reported the information cited in the GRI content index for the period January 2004 to December 2024 with reference to the GRI Standards. | |
| | | GRI 1 used | GRI 1: Foundation 2021 | |
| | | Applicable GRI Sector Standard(s) | None | |
| | | | | |
| | | GRI standards (Medicines) | (tgals) | |
| | | GRI 2: General Disclosures 2021 | | |
| | | General Disclosures | | |
| | | 2-1 | Organizational details | p. 120 |
| | | The organization and its reporting practices | | |
| | | 2-2 | Entities included in the organization's sustainability reporting | p. 491 |
| | | 2-3 | Reporting period, frequency, and contact point | p. 491 |
| | | 2-4 | Restatements of information | p. 491 |
| | | 2-5 | External assurance | p. 477 - 484 |
| | | Activities and workers | | |
| | | 2-6 | Activities, value chain, and other business relationships | p. 171 - 175 |
| | | 2-7 | Employees | p. 263 - 264 |
| | | 2-8 | Workers who are not employees | p. 283 |
| | | Governance | | |
| 1 | GRI content index | 2-9 | Governance structure and composition | p. 187 - 191 |
| | | 2-10 | Nomination and selection of the highest governance body | p. 187 - 188 |
| | | 2-11 | Chair of the highest governance body | p. 85 - 90 |
| | | 2-12 | Role of the highest governance body in overseeing the management of impacts | p. 179, 187 - 191 |
| | | 2-13 | Delegation of responsibility for managing impacts | p. 187 - 191 |
| | | 2-14 | Role of the highest governance body in sustainability reporting | p. 187 - 193 |
| | | 2-15 | Conflicts of interest | p. 70 |
| | | 2-16 | Communication of critical concerns | p. 320 |
| | | 2-17 | Collective knowledge of the highest governance body | p. 81, 187 - 188 |
| | Legal notice | 2-18 | Evaluation of the performance of the highest governance body | p. 74 - 84 |
| | | 2-19 | Remuneration policies | p. 91 - 117, 191 - 193 |
| | | 2-20 | Process to determine remuneration | p. 91 - 117, 191 - 193 |
| | | 2-21 | Annual total compensation ratio | p. 294 |

Strategy, policies, and practices
2-22	Statement on sustainable development strategy	p. 40
2-23	Policy commitments	p. 322 - 326
2-24	Embedding policy commitments	p. 328 - 330
2-25	Processes to reneglate negative impacts	p. 211 - 212, 304 - 305, 315
2-26	Mechanisms for seeking advice and raising concerns	p. 271 - 272, 299, 312, 321 - 322
2-27	Compliance with laws and regulations	p. 320 - 322, 330
		Addenham 2024
		p. 9
2-28	Membership associations	p. 329
Stakeholder engagement
2-29	Approach to stakeholder engagement	p. 184 - 187
2-30	Collective bargaining agreements	p. 271, 274, 284
GRI 3: Material Topics 2021
3-1	Process to determine material topics	p. 176 - 183
3-2	List of material topics	p. 182 - 183
Indirect Economic Impacts
GRI 3: Material Topics 2021
3-3	Management of material topics	ESD Addendum 2024 p. 21
GRI 203: Indirect Economic Impacts 2016
203-1	Infrastructure investments and services supported	ESD Addendum 2024 p. 21
Procurement Practices
GRI 3: Material Topics 2021
3-2	Management of material topics	p. 330 - 335
GRI 204: Procurement Practices 2016
204-1	Proportion of spending on local suppliers	ESD Addendum 2024 p. 30
Anti-corruption
GRI 3: Material Topics 2021
3-3	Management of material topics	p. 320 - 328
GRI 205: Anti-corruption 2016
205-1	Operations assessed for risks related to corruption	ESD Addendum 2024 p. 9
205-2	Communication and training about anti-corruption policies and procedures	p. 326 - 327
Materials
GRI 3: Material Topics 2021
3-3	Management of material topics	p. 242 - 254
GRI 301: Materials 2016
301-1	Materials used by weight or volume	p. 251 - 252
301-3	Reclaimed products and filter packaging materials	p. 251 - 254

MAGAZINE

TO OUR SHAREHOLDERS

COMPORATE GOVERNANCE
CONEINED MANAGEMENT REPORT	10thscoo elements	10thscoomeresated distinaces
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
	6. Describe the brand's oversight of climate-related roles and opportunities.	p. 187-188,
	8. Describe management's role in assessing and managing climate-related roles and opportunities.	p. 178-179
	Strategy
	Decline the actual and potential impacts of climate-related roles and opportunities on the organization's businesses, strategy, and financial planning where such information is material.	p. 196-201
		p. 196-201
FURTHER INTERNATION
Responsibility statement	C. Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios, including a $2 \%$ in lower scenario.	p. 184,
Independent auditor's report		p. 196-201
Independent auditor's report	Risk management
Independent auditor's report	D. Describe the organization's processes for identifying and assessing climate-related roles.	p. 176-180,
About this report		p. 196-201
	E. Describe how processes for identifying, assessing, and managing climate-related roles are integrated into the organization's overall risk management.	p. 178-179
	Memos and targets
	Decline the metrics and targets used to assess and manage relevant climate-related roles and opportunities where such information is material.	p. 176-180,
		p. 214-218
SASB Index
Key financial figures	B. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (CHG) emissions and the related roles.	p. 215-216
	C. Describe the targets used by the organization to manage climate-related roles and opportunities and performance against targets.	p. 212-213
Memos and targets
	Decline the metrics used by the organization to assess climate-related roles and opportunities in line with its strategy and risk management process.	p. 215-219,
		p. 214-218
	E. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (CHG) emissions and the related roles.	p. 215-216
	C. Describe the targets used by the organization to manage climate-related roles and opportunities and performance against targets.	p. 212-213

Topic Code/Regimenat	Regimen
Activity metrics
TR-AU-000.4
Number of vehicles manufactured	300,750 Porsche vehicles were manufactured in 2024.
TR-AU-000.8
Number of vehicles sold	310,718 Porsche vehicles were delivered in 2024.
Product safety
TR-AU-250a. 1
Percentage of vehicle models rated by	Porsche AG places great emphasis on the safety of its vehicles in the design and development
NEXP programs with an overall five-star	stages. Porsche vehicles that have been inspected in line with the requirements of the
safety rating, by region	European New Car Assessment Program have each received a five-star overall rating for safety.
TR-AU-250a.2
Number of safety-related defect
complaints, percentage investigated	100\% of safety-related defect complaints have been investigated.
TR-AU-250a.3
Number of vehicles recalled	There were 13 safety-related product recalls in 2024.
Labor practices
TR-AU-310a. 1
Percentage of active workforce covered	Collection bargaining agreements cover $83.7 \%$ of the total workforce in the Porsche AG Group's
under collective bargaining agreements	consolidated German group companies. Furthermore, 97.2\% of the entire workforce of the German group companies of the Porsche AG Group is covered by employee representatives (a Works Council) who are appointed by employees (social dialog). Porsche AG is part of the UK Global Compact and is committed to its ten principles and to social responsibility. In doing so, Porsche AG supports key worker rights-from the abolition of forced and child labor to
equal opportunities.
TR-AU-310a.2
Number of $[1]$ work stoppages and $[2]$	In the 2024 reporting year, there were stoppages lasting a number of hours in connection with
total days-life	65 Metall demonstrations as part of the metal and electrical industry's 2024 round of collective bargaining

MAOAZINE

TO OUR SHAREHOLDERS

COMPORATE GOVERNANCE
COMPORATE GOVERNANCE
COMMERED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
CONTOLIDATED FINANCIAL STATEMENTS
		22.2	25.7	25.2
FUITURE INFORMATION
Responsibility statement
Independent auditor's report
Independent auditor's report
Independent auditor's report
About this report
GIR content index
TCFD Index
SADE Index
> Key financial figures
>
Financial services segment
Financial services operating profit		6 million	5,286	4,938
Automotive return on sales		$\%$	14.5	18.6
Automotive EBITDA		6 million	5,227	7,375
Profit after tax		6 million	3,595	5,157
Earnings per ordinary share/preferred share			3,44/3,49	5,66/6,67
Automotive segment
Automotive operating profit		6 million	5,286	4,938
Automotive return on sales		$\%$	14.5	18.6
Automotive EBITDA		6 million	8,273	9,544
Automotive net cash flow		6 million	3,736	3,973
Automotive cash flows from operating activities		6 million	7,788	8,256
Automotive net liability		6 million	8,558	7,215
Automotive research and development costs ${ }^{2}$		6 million	2,628	2,834
Automotive capital expenditure ${ }^{2}$		6 million	2,118	1,964
Automotive capital expenditure ${ }^{2}$		$\%$	18.0	24.7
Financial services segment
Financial services operating profit		6 million	278	302
Financial services return on sales		$\%$	7.3	8.8
Financial services return on equity before tax ${ }^{2}$		$\%$	19.9	19.6
Other non-financial performance indicators

Poncher
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$\equiv \mathrm{Q} \leftarrow \rightarrow \leftarrow$
Materiality assessment
	The Corporate Sustainability Reporting Directive requires companies to carry out a double materiality assessment. In this process, the financial materiality (impacts of sustainability matters, such as climate change, on the financial position of a company) and impact materiality (impacts of the company's business activities on the environment, society, and human rights) are both assessed. If a topic in one of the two dimensions is material, it must be included in the sustainability reporting.
TO OUR DIAREHOLDERS	MISO World
CORPORATE GOVERNANCE	Morgan Stanley Capital International World Index. A stock market index that tracks the performance of around 1,500 stocks worldwide.
COMPREED MANAGEMENT REPORT
NON-FINAMCIAL STATEMENT (part of the Combined Management Report)	$\mathbf{P}$
CONSOLIDATED FINANCIAL STATEMENTS	Penetration rate
	The percentage of leased or financed new vehicles in the deliveries to customers in markets in the Financial Services segment.
FURTHER INTERNATION	PHEX
	Plug-in hybrid vehicles
Responsibility statement
Independent auditor's report	Porsche AD
Independent auditor's report	Dr. Ing. h.c. F. Porsche Aktiengesellschaft
Independent auditor's report
Absent this report	Dr. Ing. h.c. F. Porsche Aktiengesellschaft and its fully consolidated subsidiaries. Porsche AD is the parent company of the Porsche AD Group.
ORI content index	Porsche Code
TCFO Index	The Porsche Code denotes Porsche's management mission statement and offers long-term guidance as well as a target vision for the employees and managers. It consists of eight dimensions that set out guidelines on how everyone is expected to interact with one another on a daily basis.
SASB Index
Key financial figures	Porsche Expression Center (PEC)
	Places where customers can experience the Porsche brand firsthand. The PECs provide driver training, the latest technology, and insights into tradition and innovation. Ever since the first center was opened at Silverstone in 2008, they have been global hubs for vehicle safety, technology, and driving fun.

Porsche wikifeblower system

The Porsche wikifeblower system is a mechanism for reporting possible breaches of the rules via internal and external channels. Reports can be submitted via a 24 -hour hotline, an online reporting channel, ombudsmen, by email, by post, or in person, and are processed impartially and confidentially.

Premium Platform Electric (PPE)

Premium Platform Electric (PPE) is a modular platform for electric cars that was developed jointly by Porsche AG and AUDI AG. PPE allows for a wide range of rear- and all-wheel drive models in a variety of different versions. The all-electric Macan is the first Porsche based on this.

Production 4.0

Porsche Production 4.0 is the latest stage in the development of an automotive factory, featuring increased automation of individual manufacturing stages and networked production and logistics by means of cloud solutions and artificial intelligence. It is centered on production planning, order management, shop floor management for individual manufacturing stages, logistics management, and vehicle delivery.

Recplains

Materials that are obtained either by recycling a product used by end customers (postconsumer recycling) or by recycling production waste (proconsumer recycling). For example, recycled metal includes aluminum drawings that are collected, melted down, and turned into a new raw material. See also secondary raw materials.

Representative Concentration Pathway (RCP 8.5 scenario)
Representative concentration pathways are representative scenarios that describe the trajectory (i.e. pathway) of greenhouse gas concentrations in the atmosphere, land use, and land cover up to the year 2100 . These scenarios outline a range of possibilities that are meant to help companies make decisions. RCP 8.5 is a worst-case scenario with high greenhouse gas emissions and limited attempts to reduce them. This scenario is an important way of determining what production sites have to be adapted to physical climate risks. The scenarios were developed by the Intergovernmental Panel on Climate Change (IPCC).

Return on equity
The ratio of profit before tax to the average tied-up equity. Return on investment
The return on investment represents the return on average investment capital for a particular period on the basis of the operating profit after tax. Invested capital is calculated as the operating assets reported in the balance sheet (property, plant, and equipment, intangible assets, investment, and receivables) less noninterest-teeing liabilities (trade payables and payments on account received). The average investment capital is derived from the balance at the beginning and the end of the reporting period.

Return on sales
The return on sales of the Porsche AD Group is defined as the ratio of operating profit (before the financial result and taxes; EBT) to sales revenue. The Executive Board of Porsche AD uses the return on sales to assess the operating profitability of the Porsche AD Group.
"right" (also known as "right, based on science") provides science-based technology that illustrates how the business activities of companies impact the climate. The results are presented in degrees Celsius, which makes it clear whether a company is on the pathway to $1.5^{\circ} \mathrm{C}$ as set out by the Paris Agreement.

S&P Global Luxury Index

Standard & Poor's Global Luxury Index. An international stock index that tracks the performance of 80 stocks in the luxury segment.

Socialize Systems Platform (SSP)

The Scalable Systems Platform (SSP) is a cutting-edge mechatronics platform for all-electric vehicles. It is being developed by the Porsche, Audi, and Volkswagen brands as well as CARIAD for the software architecture. The high-performance version (SSP Sport), in particular, is expected to support Porsche SEV is in the longer term.

Science Based Targets Initiative (SBTI)
The Science Based Targets Initiative was born from an alliance of environmental and climate protection organizations with a view to providing businesses with a framework and sector-specific target paths and, in turn, the opportunity to align the science-based reduction of greenhouse gases with international climate targets (such as the Paris Agreement).

Secondary raw materials
Materials that are obtained from a recycling process. See Recplates.

Supply Chain Due Diligence Act (SADD)
The Supply Chain Due Diligence Act governs corporate responsibility for respecting human rights and environmental due diligence in global supply chains.

STOKE Europe 600 (SEVP)
A stock index that measures the performance of the 600 largest listed companies from 17 European countries.

STOKE Europe 600 Automobiles & Parts (SEAP)
Straw Europe 600 Automobiles & Parts. A European stock market index comprising manufactures and suppliers in the automotive industry.

Sustainability rating (S-rating)
As part of its process for awarding procurement contracts, Porsche AD has been using a sustainability rating known as the S-rating as an instrument to control its supply chain since 2019. The sustainability rating is carried out continuously and is a direct incentive for direct suppliers to improve their sustainability performance.

MAGAZINE
TO OUR SHAREHOLDERS
CORPORATE GOVERNANCE
CONEINED MANAGEMENT REPORT
NON-FINANCIAL STATEMENT (part of the Continual Management Report)
CONSOLIDATED FINANCIAL STATEMENTS
FURTHER INFORMATION
Responsibility statement
Independent auditor's report
Independent auditor's report
Independent auditor's report
About this report
GIR content index
TCFO Index
SASB Index
Key financial figures
Dilem
> Financial calendar 2025
Legal notice

WLTP
The Worldwide Harmonized Light Vehicles Test Procedure is
a test procedure designed to calculate a vehicle's fuel con-
sumption, range, and emissions as realistically as possible.
Z

Zero Emission Vehicles (ZEVs)

The term "Zero Emission Vehicle" refers to vehicles that do not release any airborne pollutants into their direct environment. For example, this includes battery electric vehicles (BEVs).

THE Workforce

The Worldwide Harmonized Light Vehicles Test Procedure is a test procedure designed to calculate a vehicle's fuel consumption, range, and emissions as realistically as possible.

Z

Zero Emission Vehicles (ZEVs)
The term "Zero Emission Vehicle" refers to vehicles that do not release any airborne pollutants into their direct environment. For example, this includes battery electric vehicles (BEVs).

| $\equiv Q \leftarrow \rightarrow \leftarrow$ | |
| :-- | :-- | :-- |
| MAGAZINE | |

TO OUB SHAREHOLDERS

CORPORATE GOVERNANCE	Publisher
	Dr. Ing. R.o. F. Porsche Aktiengesellschaft
COMBINED MANAGEMENT	TODDS Stuttgart, Germany
REPORT	Tel. +49 711 911-0
	Dr. Sebastian Rudolph
NON-FINANCIAL STATEMENT	Vice President Communications, Sustainability, and Politico
(part of the Continued Management Report)	valuation.colopin@porsche.de
	${ }^{\text {a }}$ https://www.nom-garande.com/en/
CONSOLIDATED FINANCIAL	Investor-Relations contact
STATEMENTS	Bijlon Schalk (Head of RI)
	capitalmarkets@porsche.de
	${ }^{\text {a }}$ https://investor-relations.garande.com/en/
FURTHER INFORMATION	Project team
Responsibility statement	Duration, process
Independent auditor's report	District Faire, Benedikt Mai, Marc Rother (Finance),
Independent auditor's report	Kerstin Hess, Daniela Ratto, Leo Anochatz, Marcus Braue,
Independent auditor's report	Kay Klarffert, Birke Langenstein, Benedikt Mai,
	Maximilian Steiner (DSG),
About this report	Anna-Lena Hethaess, Nadine Parcel (Investor Relations),
	Florian Leleste, Jula Schumens (Supervisory Board),
	Sabrina Diemme, Nico Esch (Bogasine),
	Matthias Rauter (Members of the Executive Board),
TOFD Index	Sabine Diemme (Design concept),
SASB Index	Matte Lübke (Dokine)
Key financial figures	Design and realization
	Kirchhoff Consult GmbH, Hamburg, Germany

Publisher
Dr. Ing. R.o. F. Porsche Aktiengesellschaft
TODDS Stuttgart, Germany
Tel. +49 711 911-0
Dr. Sebastian Rudolph
Vice President Communications, Sustainability, and Politico
valuation.colopin@porsche.de
a https://www.nom-garande.com/en/
Investor-Relations contact
Bijlon Schalk (Head of RI)
capitalmarkets@porsche.de
a https://investor-relations.garande.com/en/
Project team
Surakala Maconde, Linda Hornung (Project lead),
Katrin Faire, Benedikt Mai, Marc Rother (Finance),
Kerstin Hess, Daniela Ratto, Leo Anochatz, Marcus Braue,
Kay Klarffert, Birke Langenstein, Benedikt Mai,
Maximilian Steiner (DSG),
Anna-Lena Hethaess, Nadine Parcel (Investor Relations),
Florian Leleste, Jula Schumens (Supervisory Board),
Sabrina Diemme, Nico Esch (Bogasine),
Matthias Rauter (Members of the Executive Board),
Sabine Diemme (Design concept),
Matte Lübke (Dokine)
Design and realization
Kirchhoff Consult GmbH, Hamburg, Germany

Legal notice
This document contains statements concerning the future that
are based on the current assumptions and forecasts of Dr. Ing.
R.o. F. Porsche Aktiengesellschaft. Various known and unknown
risks, uncertainties, and other factors can cause the actual
results, financial situation and results of operations, development, or performance of Dr. Ing. R.o. F. Porsche Aktienge-
seitschrift and the Porsche AII Group to deviate considerably
from the estimates presented herein (both positively and
negatively). Porsche AII is under no obligation-without prepu-
dice 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.
The annual and sustainability report (in print, online, and in PDF
format) 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 web-
sites in question are not part of this annual and sustainability
report.
This annual and sustainability report is available in German and
English. 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.