Slides
Page 1
1 DR. ING. H.C. F. PORSCHE AG S T U T T G A R T , J U L Y 3 0 PORSCHE Press & Analyst Call H1 2025
Page 2
2 Disclaimer This presentation contains forward -looking statements and information that reflect Dr. Ing. h.c. F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. They are based on assumptions relating to the development of the economic, political, and legal environment in individual countries, economic regions, and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of publication. If any of these risks and uncertainties materializes or if the assumptions underlying any of the forward -looking statements prove to be incorrect, the actual results may be materially different from those Porsche AG expresses or implies by such statements. Forward -looking statements in this presentation are based solely on the circumstances at the date of publication. We do not update forward -looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
Page 3
3 Porsche – A unique Story 911 Carrera 4S: Fuel consumption combined (model range): 10.9 – 10.4 l/100 km (preliminary value), CO₂-emissions combined (model range): 249 – 237 g/km (preliminary value) 3 S U S TA I N A B L E L U X U R Y I C O N I C B R A N D R E S I L I E N T P E R F O R M A N C E P E R F O R M A N C E C U LT U R E
Page 4
4 We continuously adapt our strategy to respond to the new situation with the greatest possible flexibility Strategy 2030 PLUS C U S T O M E R P R O D U C T S U S T A I N- A B I L I T Y T R A N S- F O R M A T I O N G E O P O L I T I C A L T E N S I O N S B E V A D A P T I O N S U P P LY C H A I N 4 Q U A L I T Y
Page 5
5 Individualisation Experience We have a strong foundation C U STO M E R P R O D U CT B R A N D Strong Customer Base Unique Community Exceptional Customer Loyalty Desirable Products Strong Brand Heritage & Exclusivity Performance & Motorsports Balanced Drivetrain Offering
Page 6
6 Extensive measures have been initiated to strengthen the financial resilience and profitability in the mid and long term ENVIRONMENT Geopolitical tensions BEV - Transition Supply chain REACTION: STRATEGIC REALIGNMENT Product Portfolio Refocus Road to 20 Focus on the Core - in negotiation - Structural Package EFFECT Short - term (2025) Mid - / Long - term Extraordinary Expenses in connection with strategic realignment → lower margin Increased financial resilience
Page 7
7 Balanced offering of combustion engines, plug -in hybrids and purely electric drives well into the 2030s 7 ICE PHE V BE V
Page 8
8 - ILLUSTRATIVE - Increasing our high flexibility for the transition period − Extended and improved offering well into the 2030s − Broadening offering incl. selective portfolio expansions − Strengthening Porsche exclusive portfolio − Strengthening BEV offering incl. modernized E/E-architecture − Further development of Porsche BEV sports car identity − Strengthening Porsche exclusive portfolio − Active contribution to removing BEV-Market barriers I N C R E A S I N G F L E X I B I L I T Y D U R I N G T R A N S I T I O N W I N N I N G T H E L U X U R Y B E V R A C E previous planning current planning Expected effect of the measures taken ICE/ PHEV BEV Currently stronger and longer-term ICE/PHEV demand than forecasted Currently weaker BEV demand than forecasted
Page 9
9 Strengthening Brand Core Broader Offering ICE/PHEV Winning the luxury BEV race now Winning the luxury BEV race long-term ICE/PHEVBEV Sports Cars SUV Sedan Sports Cars SUV Sedan Winning the luxury BEV race mid-term Porsche Product Strategy
Page 10
10 All-electric Macan and Taycan with strong development in the relevant market environment in Europe 1 Porsche core segment shares Europe according to S&P Global,12 months rolling (Apr 2024 – Mar 2025), considered competitors: Taycan segment (Audi e-tron GT, BMW i5, Mercedes EQE, Polestar 5, Tesla Model S, Lucid Air), Macan BEV segment (Audi Q6 e-tron, BMW iX3, MB EQC, Jaguar i-Pace) 10 22% Taycan 33% Macan BEV Porsche Segment Share1 Over 50% of Porsche deliveries in Europe are now electrified, with BEVs accounting for 36% Achieving the IPO target for Europe in 2025 on schedule Still the exclusive segment in the BEV market is developing slower than initially anticipated The all-electric Macan is Porsche’s best-selling model globally in H1 2025 H1 2025 electrification share of Porsche deliveries in Europe 20.4%36.2% BEV PHEV 56.6% vehicles electrified 16% All models
Page 11
11 IT'S NOT WHAT YOU BUY, IT'S WHAT YOU BUY INTO. Holistic Brand Experience as Top Priority 11
Page 12
12 D E S I R A B I L I T Y I N D I V I D U A L I S AT I O N S P E C I A L E D I T I O N S Elevate Individualisation Experience 12
Page 13
13 911 Spirit 70 (WLTP)*: Fuel consumption combined (model range): 10.8 – 10.7 l/100 km, CO₂-emissions combined (model range): 246 – 242 g/km SPIRIT 70 L I M I T E D T O J U S T 1 . 5 0 0 E X A M P L E S S TA R T I N G AT € 2 4 0 . 0 0 0 C O M B I N E S O U R H E R I TA G E W I T H S TAT E- OF -T H E- A R T T E C H N O L O G Y
Page 14
14 The current wait times for the SONDERWUNSCH products reflect the high demand and indicate the sales potential O N E- O F FS ~ 8 Y E A R S R E S TO R AT I O N ~ 2 Y E A R S B E S P O K E ~ 1 Y E A R RE - C O M MIS S IO N ~ 2 Y E A R S PA I N T TO S A M P L E L I M I T E D AVA I L A B IL I T Y PRODUCT OFFER WAITING TIME & RESTRICTIONS
Page 15
15 STR ATEGY E VOLUTION Individualisation & Classic 1 . 0 R E A L I G N M E N T 3 . 0 F U L L P O T E N T I A L 202520232019 2 . 0 [ U P ] S C A L I N G Let‘s start the engine! Let‘s shift upwards! Let’s…
Page 16
16 H O M E O F I N D I V I D U A L I S A T I O N & C L A S S I C Exploiting the strong potential of Individualisation with a clear focus on exclusivity Paint to Sample even more “Halo-Vehicles“ C O R E H E R I T A G E O F F R O A D , … Vehicles 2024 Vehicles 2030 Turnover per vehicle 2024 Turnover per vehicle 2030 Vehicles 2024 Vehicles 2030
Page 17
17 Continuation of Road to 20 as performance program Refocus of Road to 20 to strengthen resilience in challenging times Emphasis now on sustainable optimisation of the cost structure, e.g. − Personnel costs − China rightsizing Road to 20 program as continued enabler for profitability resilience
Page 18
18 Source: Road to 20: Push -to-Pass project team PRODUCT DIVISION QUALITY AF 06 Capital Expenditures: Baseline & Standards AF 05 R&D Costs AF 04 Sales & Distribution AF 03 Manufacturing Costs Product Develop. AF 02 Manufacturing Costs Series AF 01 Fixed Costs Road to 20 T O P – D O W N – A P P R O A C H E S Flexibilization & Rescaling Organization Road to 20 Action Fields
Page 19
19 Structures Positions Reduction of Positions ORGANIZATION Products & Markets Processes Securing Profitability BUSINESS MODEL Road to 20: Rescaling of Organization and Business Model
Page 20
20 Regulatory framework of rescaling on employee side Immediate measures for personnel costs Agreement for the implementation of socially responsible staff reductions Securing the production program 2025 2 0 2 5 M E A S U R E S S T R U C T U R A L P A C K A G E I N N E G O T I AT I O N S T R U C T U R E Q U A N T I T Y C O S T S
Page 21
21 2025: Socially responsible measures to optimise corporate structure and strengthening future resilience 1) Sonder-ATZ = Special phased retirement program DEVELOPMENT OF POSITIONS MEASURES 01 02 03 Restrictive hiring „Sonder-ATZ“ 1 program Utilizing demographics 2024 20292028202720262025
Page 22
22 Our China strategy builds on three focus areas derived from our global strategy PRODUCT & SERVICES CUSTOMER & BR AND ORGANISATION & EFFICIENCY
Page 23
23 150 01/2024 06/2025 01/2027 135 ~ 100 31 28 01/2024 06/2025 01/2027 ~ 25 01/2024 06/2025 ~ 450 ~ 400 01/2024 06/2025 ~ 200 ~ 100 # Point of Sales # Investors # Internal Core Employees (FTE) 1 # External Employees First milestones of recalibrating our Chinese footprint have already been reached NE T WORK RECALIBRATION INTERNAL REORGANIZATION 1) Without adjacent affiliates as PMAP, PDIG China, Technical Division, PLX
Page 24
24 Continued Generational Change in the Executive Board: Porsche announced that Vera Schalwig will succeed Andreas Haffner as Head of Human Resources and Social Affairs, while Joachim Scharnagl will take over the Procurement division from Barbara Frenkel KE Y DE VELOPMENTS IN H1 2025 Porsche AG – Performance MES SAGE Porsche AG recorded group revenue of €18.2 billion and an operating profit of €1.0 billion in the first half of 2025. The business was notably impacted by macroeconomic and geopolitical headwinds Extraordinary expenses totaling approximately €1.1 billion - primarily related to strategic realignment measures, battery initiatives and US tariffs - had a significant adverse effect on the Group’s operating result Porsche is responding with a focused strategic realignment aimed at sharpening customer orientation within the product portfolio and optimizing its global footprint to strengthen profitability and resilience over the long term 24
Page 25
25 FINANCIAL PERFORMANCE OVERVIE W H1 2025 Group and Automotive 1 Not among most important performance indicators GROUP SALES RE VENUE (-6.7 % compared to previous year) GROUP RE TURN ON SALES (-10.2 pp compared to previous year) GROUP OPER ATING PROFIT 1 (-67.1 % compared to previous year) AUTOMOTIVE EBITDA MARGIN (€ 2.6 bn Automotive EBITDA) AUTOMOTIVE NE T CASH FLOW MARGIN (€ 0.4 bn Automotive Net Cash Flow) BE V SHARE (+17.6 pp compared to previous year )
Page 26
26 AUTOMOTIVE OPER ATING PROFIT (Automotive RoS 5.2 %) AUTOMOTIVE NE T LIQUIDIT Y (-27.9 % compared to 31.12.2024) AUTOMOTIVE RESE ARCH AND DE VELOPEMENT COSTS (7.8 % of Automotive Sales Revenue) AUTOMOTIVE CAPITAL E XPENDITURE (6.0 % of Automotive Sales Revenue) FINANCIAL PERFORMANCE OVERVIE W H1 2025 Group and Automotive
Page 27
27 H1 2024 VS. H1 2025 Group – Sales Revenue and Operating Profit H1 2024 H1 2025 1 8 . 219 .5 -6.7 % H1 2024 H1 2025 1 . 0 3 . 1 -67.1 % 5.5 %15.7 % RoS GROUP SALES RE VENUE , IN € BN GROUP OPER ATING PROFIT, IN € BN Business performance shaped by macroeconomic and geopolitical headwinds such as tariffs and also the slower pick -up BEV exclusive segment In response, the company is continuing a strategic realignment, including organisational measures, focused on enhancing its product portfolio to customer demand and global footprint to reinforce profitability and resilience Group operating profit decrease primarily due to extraordinary expenses totaling approximately €1.1bn – driven by strategic realignment measures, battery related activities and US tariffs 27
Page 28
28 H1 2024 VS. H1 2025 Group – Operating Profit Development EBIT H1 2024 Gross margin without R&D R&D SG&A Other EBIT H1 2025 -67.1 % 3.06 -1.62 -0.22 +0.04 -0.26 1.01 Group Sales Revenues impacted by lower unit sales Positive pricing along with growth in financial services business and after sales Extraordinary expenses totaling approximately €1.1bn - driven by strategic realignment measures, battery related activities and US tariffs – were booked in the first half of the year Higher material costs - driven by an increased share of BEVs Increased expensed R&D based on significantly lower capitalization rate and higher D&A CONTRIBUTOR S TO OPER ATING PROFIT DE VELOPMENT, IN € BN ∑ app. -1.10 28 Strategic realignment, battery activities and tariffs Battery activities US tariffs Strategic realignment 0.4 0.5 0.2
Page 29
29 H1 2024 VS. H1 2025 Automotive – Sales Revenue and Deliveries H1 2024 H1 2025 110113 Automotive Sales Revenue per Delivery 1, in € k H1 2024 H1 2025 23.5 % BEV Share 5.9 % A U T O M O T I V E S A L E S R E V E N U E , I N € B N 16.117.7 -8.8 % 146.4 156.0 -6.1 % D E L I V E R I E S , I N K U N I T S Lower unit sales were partly offset by strong pricing and after sales business North America with strongest first half ever, mainly due to higher product availability in the market and the price protection due to increased import tariffs Continued tense economic situation, especially in the luxury segment in China with focus on value-oriented sales Limited model availability in Europe because of cybersecurity regulations 29 1 The performance indicator "deliveries" reflects the number of vehicles handed over to end customers. This may take place via group companies or independent importers and dealers.
Page 30
30 H1 2024 VS. H1 2025 Automotive – Deliveries 30 North America 1 Germany Europe (excl. GER) 18 % 13 % 25 % 25 % 19% North America 1 Germany Europe (excl. GER) Overseas and Emerging Markets Overseas and Emerging Markets China 2China 2 11 % 24% 30% 14% 21% Y TD H1 2025Y TD H1 2024 155.945 DELIVERIES 146.391 DELIVERIES Sales structure across the global regions remains well -balanced North America with strongest first half ever, mainly due to higher product availability in the market and the price protection due to increased import tariffs Deliveries increase in Overseas and Emerging Markets, achieving new all-time high Continued tense economic situation, especially in the luxury segment in China with focus on value-oriented sales Decline in Europe and Germany partly due to a strong prior -year period with catch -up effects from 2023 REGIONAL DISTRIBUTION 1 Excl. Mexico l 2 Incl. Hong Kong
Page 31
31 H1 2024 VS. H1 2025 Automotive – Deliveries 31 Product Changeover 2024 Macan Electric Macan Petrol 8,838 11,886 13,255 28,212 54,587 39,167 8,302 10,496 14,975 25,608 41,873 45,137YTD H1-25 YTD H1-24 +15 % -23 % -9 % +13 % -6 % -12 % YTD H1-25 YTD H1-24 YTD H1-25 YTD H1-24 YTD H1-25 YTD H1-24 YTD H1-25 YTD H1-24 YTD H1-25 YTD H1-24 [25.884] [19.253] MODEL DISTRIBUTION, IN K UNITS Around 36 per cent of all vehicles delivered in H1 2025 were electrified and nearly one in four Porsche was fully electric Macan sales grow by 15 per cent in the first half of the year Decrease in Cayenne deliveries was largely due to catch -up effects from prior-year period and ongoing model transitions Decline in iconic 911 due to strong final sales of the predecessor model last year and staggered product launches of new derivatives Panamera sports sedan also sees solid growth 718 sales decrease because of limited model availability as a result of EU cybersecurity regulations
Page 32
32 H1 2024 VS. H1 2025 Automotive – Deep Dive on Vehicle Sales Automotive Sales Revenue per vehicle sold, in € k 1 Germany China 3 Europe (excl. GER) Overseas and Emerging Markets North America 2 Vehicle sales Small decline in North America reflects the current import challenges China continues to reflect the challenging market conditions primarily in the luxury segment with focus on value -oriented sales in this region Declines in Germany and Europe influenced by partially discontinued product range of the 718 and the Macan with combustion engine Strong sales increase in Overseas and Emerging Markets ASP1 development underlines value-over-volume strategy H1 2024 H1 2025 116 119 151.944 135.14211 % 27 % 20 % 25 % 17 % 10 % 29 % 14 % 26 % 21 % 32 -11.1% REGIONAL DISTRIBUTION, % OF VEHICLE SALES 1 Vehicle sales, in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, which have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment. l 2 Excl . Mexico l 3 Incl. Hong Kong
Page 33
33 33 H1 2024 VS. H1 2025, IN € BN Automotive – Operating Profit -71.3 % 16.4 % 5.2 %Automotive RoS 24.1 % 16.0 %Automotive EBITDA Margin H1 2024 H1 2025 2.9 0.8 Automotive Sales Revenues impacted by lower sales based on lower product availability in Europe and value-over-volume strategy in China Positive impact from pricing and after sales business Extraordinary expenses totaling approximately €1.1bn – driven by strategic realignment measures, battery related activities and US tariffs – were booked in the first half of the year Increased expensed R&D based on significantly lower capitalization rate and higher D&A
Page 34
34 34 H1 2024 VS. H1 2025, IN € BN Financial Services – Operating Profit +12.4 % 35.6 % 39.6 % Penetration rate, in % High penetration in most markets driven by spill -over effects and increasing BEV share Unchanged risk profile and monitoring of dynamic worldwide market environment (e.g. US tariffs) Higher operating profit due to portfolio growth and the replacement of lower margin contracts by contracts acquired at target margin. The lower margin contracts were acquired during the rising interest environment in 2022 and 2023 0.1 0.1 H1 2024 H1 2025
Page 35
35 35 H1 2024 VS. H1 2025 Automotive – Net Cash Flow and Liquidity 31.12.2024 30.06.2025H1 2024 H1 2025 0.4 1.1 -64.7 % % of Automotive Sales Revenue 2.4 %6.3 % N E T C A S H F L O W , I N € B N 8.6 -27.9 % N E T L I Q U I D I T Y , I N € B N 6.2 Lower cash flow from operating business due to strategic realignment, tariffs and higher outflows from working capital Lower capitalized R&D expenses, which was primarily due to the increased R&D costs for product launch year 2024 Continued high spending on the development of our brand as well as ecosystem, products, software and initiatives that will sustainably strengthen Porsche Automotive net liquidity decreased, mainly due to dividend payments ∑ app. -0.5 Strategic realignment, battery activities and tariffs
Page 36
36 GROUP RE TURN ON SALES ( ROS ) Adjusted Porsche Financial Outlook 1) Porsche AG Group assumes that the US tariffs of 15%, communicated on July 27, 2025 will remain in place for the rest of 2025., starting August 1, 2025. The adjusted outlook already includes potential mitigati on measures. RoS Outlook March 2025 Value oriented supply management Outlook April 2025 CONTRIBUTOR S TO GROUP RE TURN ON SALES 2025 OUTLOOK DE VELOPMENT (ILLUSTR ATIVE ) RoS Strategic recalibration battery activities US tariffs April / May 2025 RoS US tariffs June - December 2025 US Tariff- adjusted outlook 20251 36 12 % 10 % 8.5 % 6.5 % 7.0 % 5.0 % ∑ Strategic realignment, battery activities and tariffs Battery activities US tariffs Strategic realignment
Page 37
37 MOST IMPORTANT PERFORMANCE INDICATORS Adjusted Porsche Financial Outlook The assumptions used in preparing the report on expected developments are based, inter alia, on current estimates by external institutions; these include economic research institutes, banks, multinational organizations and consultancy firms. The forecas t, which extends until the end of the fiscal year 2025 in line with the group’s internal control system, contains forward-looking statements based on the estimates and expectations of the Porsche AG G roup. These can be influenced by unforeseeable events, as a result of which the actual business development may deviate, both positively and negatively, from the expectations described below. In its March 2025 quarterly statement, the Porsche AG Group communicated a strategic realignment of battery activities. Previous pl ans to expand the production of high-performance batteries by Cellforce Group GmbH will not be pursued separately in the future. For this reason and due to the negative impact of other battery activities, the total amount of special expenses in the fiscal year 2025 will increase from €0.8 billion to €1.3 billion, affecting results. In addition, Porsche AG Group has adjusted its value -oriented supply management worldwide in response to mounting c hallenges arising from geopolitical conditions. This applies in particular to the Chinese market, where the continued challenging market conditions and declining demand in the luxury segment will affect development in the fiscal year 2025. Irrespective of this, Porsche AG Group remains committed to value -oriented sales with the aim of balancing supply and demand. Further additional costs with regard to suppliers also contribute to the subdued forecast, which over -proportionally affects the automotive net cash flow margin. In addition to the forecast adjusted in April 2025, which took into account the negative impact of US import tariffs intr oduced for the months of April and May, the Porsche AG Group assumes that the tariffs of 15%, communicated on July 27, 2025 will remain in place for the rest of 2025., starting August 1, 2025. The ad justed outlook already includes potential mitigation measures. GROUP Sales Revenue € 40.1 bn € 37 - 38 bn Return on Sales (RoS) 14.1 % 5 - 7 % AUTOMOTIVE EBITDA Margin 22.7 % 14.5 – 16.5 % Net Cash Flow Margin 10.2 % 3 - 5 % BEV Share 12.7 % 20 - 22 % 2024 A D J U S T E D O U T L O O K2025
Page 38
38 Capital Allocation Policy DIVIDEND: 2024: € 2.30 / € 2.31 per ordinary / preferred share MID -TERM TARGE T : 50 % pay-out ratio1 CAPE X & R&D : Focused investment program TECHNOLOGY & VENTURE : Select investments with preference for partnerships PENSION : Commitment to partially fund the pension deficit in foreseeable time frame LIQUIDIT Y : Automotive net liquidity position of 15-20 % of Automotive Revenue 38
Page 39
39 H1 2025 performance was shaped by persistent macroeconomic and geopolitical headwinds, alongside a pro-active strategic realignment. Key Takeaways The pro-active strategic realignment will further strengthen long-term financial resilience, with initial benefits in the coming years. A more balanced drivetrain portfolio from 2028 onward will enhance market positioning and underpin sustainable long-term growth. 39 The entire year 2025 is significantly shaped by this strategic realignment. We expect to move through the lowest point this year and begin to see positive momentum from 2026 onward.
Page 40
40 OCTOBER 10, 2025 Porsche Pre-Close Call Q3 2025 OCTOBER 24, 2025 Quarterly Report January - September 2025 Financial Calendar 2025
Page 41
41 EXECUTION RUBBER ROAD. 41
Page 42
42 Group – Condensed Consolidated Income Statement S A L E S R E V E N U E 18,157 100.0 19,457 100.0 -1,300 -6.7 (-) Cost of sales -14,793 -81.5 -14,251 -73.2 -542 3.8 (=) Gross profit 3,364 18.5 5,206 26.8 -1,842 -35.4 (-) Distribution expenses -1,310 -7.2 -1,379 -7.1 69 -5.0 (-) Administrative expenses -978 -5.4 -952 -4.9 -26 2.7 (+/-) Net other operating result -69 -0.4 187 1.0 -256 <-100 (=) Operating profit 1,007 5.5 3,061 15.7 -2,055 -67.1 (=) Financial result 46 0.3 33 0.2 12 37.3 (=) Profit before tax 1,053 5.8 3,095 15.9 -2,042 -66.0 (-) Income tax expense -335 -1.8 -942 -4.8 608 -64.5 (=) Profit after tax 718 4.0 2,153 11.1 -1,435 -66.6 Basic/diluted earnings per ordinary share in € 0.79 2.36 Basic/diluted earnings per preferred share in € 0.80 2.37 H1 2025 % H1 2024 DELTA %%IN € MN
Page 43
43 Automotive – Research & Development IN € MN H1 2025 H1 2024 Automotive research and development costs 1,264 1,665 % of Automotive Sales Revenue 7.8 % 9.4 % Expensed Automotive research and development costs (A) 690 541 % Automotive research and development costs 54.5 % 32.5 % Automotive capitalized development costs 575 1,123 % Automotive research and development costs 45.5 % 67.5 % Automotive amortization on capitalized research and development costs (B) 600 516 Automotive research and development costs recognized in income statement (A)+(B) 1,290 1,057 % of Automotive Sales Revenue 8.0 % 6.0 %
Page 44
44 Group – Condensed Consolidated Statement of Financial Position Intangible assets 8,935 8,941 -6 -0.1 Property, plant and equipment 10,034 10,048 -15 -0.1 Leased assets 5,263 5,393 -129 -2.4 Financial services receivables 4,870 5,078 -209 -4.1 Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets 3,989 3,780 209 5.5 Non-current assets 33,090 33,239 -149 -0.4 Inventories 6,492 6,130 362 5.9 Financial services receivables 1,713 1,808 -94 -5.2 Trade receivables, other financial assets and other receivables 4,964 3,712 1,252 33.7 Tax receivables 439 289 150 52.1 Securities and time deposits 1,948 1,965 -17 -0.9 Cash and cash equivalents 4,367 6,384 -2,017 -31.6 Current assets 19,924 20,288 -364 -1.8 Total assets 53,014 53,527 -513 -1.0 30.06.2025 31.12.2024 DELTA %IN € MN
Page 45
45 Equity before non-controlling interests 23,226 23,043 183 0.8 Non-controlling interests 118 13 106 >100 Equity 23,344 23,056 288 1.3 Provisions for pensions and similar obligations 3,667 4,074 -407 -10.0 Financial liabilities 6,759 7,160 -401 -5.6 Other liabilities 5,422 4,894 528 10.8 Non-current liabilities 15,848 16,128 -280 -1.7 Financial liabilities 4,125 4,253 -128 -3.0 Trade payables 3,512 3,378 133 4.0 Other liabilities 6,185 6,712 -527 -7.9 Current liabilities 13,822 14,343 -521 -3.6 Total equity and liabilities 53,014 53,527 -513 -1.0 Group – Condensed Consolidated Statement of Financial Position 30.06.2025 31.12.2024 DELTA %IN € MN