Publication date: 22-09-2025
Porsche Automobil Holding SE (Porsche SE) is a German investment holding company. Its two core assets are stakes in Volkswagen AG and Porsche AG. The Porsche and Piëch families control the holding through their exclusive ownership of the ordinary shares, while the preference shares are freely traded on the stock market and widely held by institutions and private investors.
Porsche SE owns 53,3% of Volkswagen’s ordinary shares and 1,3% of its preferred shares, equal to 31,9% of Volkswagen’s total share capital. At current market value this stake is about €15,1 bln. In Porsche AG, it holds 25% plus one ordinary share, equal to 12,5% of total capital and worth around €5,0 bln. These two investments are the main sources of dividends used to service Porsche SE’s debt.
Volkswagen is the world’s second-largest carmaker, with a global market share of almost 10% in light vehicles in 2024. Porsche AG, based in Stuttgart, specialises in high-performance sports cars, SUVs and luxury sedans.
Beyond its core holdings, Porsche SE has smaller portfolio investments in more than ten technology companies in North America, Europe, and Israel, plus private equity and venture funds, together valued at about €0,3 bln.
The holding has faced legal disputes. The most significant is a collective lawsuit under German securities law, with plaintiffs claiming €5,4 bln in damages linked to alleged market manipulation during Porsche SE’s past attempts to raise its Volkswagen stake. Courts dismissed these claims in 2022, but appeals continue and could take years to conclude. In total, disclosed legal claims amount to around €6,5 bln (plus interest), including proceedings related to the diesel issue. So far, courts have mostly ruled in Porsche SE’s favour.
Debt, including this 2032 bond, was first raised in 2022 to finance a direct, long-term stake in Porsche AG after its IPO. This investment complements the Volkswagen holding and reinforces family control over the group. Porsche SE and Porsche AG are both unrated, while Volkswagen carries ratings of Baa1 (Moody’s) and BBB+ (S&P).
as of 30.06.2025 EUR bn
| Column 1 | Column 2 | Column 3 | Column 4 |
|---|---|---|---|
| Assets | 42,3 | Dividends received | 1,0 |
| Equity | 34,6 | Net interest paid | 0,2 |
| Net Debt | 4,9 | Dividends paid | 0,6 |
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