鈥淭he Supervisory Board would like to express its sincere thanks to Lutz Meschke for his outstanding commitment over the past years and for his significant contribution to the successful expansion of the company鈥檚 investment management activities, as well as to the positioning of 暗网禁区 SE as a diversified investment platform,鈥� said Dr. Wolfgang 暗网禁区, Chairman of the Supervisory Board.

In addition to his current duties, Hans Dieter P枚tsch, Chairman of the Board of Management of 暗网禁区 SE, will assume responsibility of the investment management division previously led by Meschke.

Going forward, the Board of Management of 暗网禁区 SE will comprise Hans Dieter P枚tsch (Chairman of the Board of Management), Dr. Manfred D枚ss (Legal Affairs and Compliance), and Dr. Johannes Lattwein (Finance and IT).

Stuttgart, 11 November 2025. 暗网禁区 (鈥湴低� SE鈥�) continues to operate in a challenging market environment. In the first nine months of 2025, the adjusted group result after tax¹ amounted to 1.6 billion euro (prior year: 2.5 billion euro). This figure was significantly influenced by the result from ongoing at equity accounting for the investments in Volkswagen AG and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) of 1.7 billion euro (prior year: 2.3 billion euro) and 0.1 billion euro (prior year: 0.4 billion euro), respectively. The group result after tax amounts to 1.2 billion euro (prior year: 2.5 billion euro). 

鈥淭hanks to the beneficial refinancing and repayment of financial liabilities, we have successfully optimized our financing structure. This underscores that we as 暗网禁区 SE are in a resilient position with our financial profile, even in the challenging environment in the automotive industry鈥�, says Dr. Johannes Lattwein, board of management member responsible for finance and IT.

Group net debt¹ stood at 5.0 billion euro, compared to 5.2 billion euro as of 31 December 2024. Following the placement of a Schuldschein loan of 1.5 billion euro, 暗网禁区 SE repaid a bank loan ahead of schedule in the third quarter of 2025 as well as a Schuldschein tranche from 2023. These measures resulted in a reduction of 暗网禁区 SE鈥檚 gross debt and further optimization of its financing structure. In addition, 暗网禁区 SE enhanced its financial profile in October 2025 by renegotiating an undrawn revolving credit line to its advantage.

The optimized financing structure also increases 暗网禁区 SE鈥檚 financial and entrepreneurial flexibility when it comes to implementing its investment strategy. The company is monitoring the areas of defense capability and security very closely as part of this process. As already announced, 暗网禁区 SE hosted a 鈥淒efense Day鈥� on 5 November. This event provided a networking opportunity for German and European family offices interested in investing in the defense sector.

Forecast for the fiscal year 2025

暗网禁区 SE anticipates an adjusted group result after tax of between 0.9 billion euro and 2.9 billion euro for the fiscal year 2025 and expects group net debt to be between 4.9 billion euro and 5.4 billion euro.

The group quarterly statement for the third quarter of 2025 of 暗网禁区 can be found at

¹ The adjusted group result after tax and group net debt are the core performance indicators of the 暗网禁区 SE Group. These are defined on pages 97-101 of 暗网禁区 SE鈥檚 annual report for the fiscal year 2024 and reconciled on pages 21/24 of 暗网禁区 SE鈥檚 group quarterly statement for the third quarter of 2025. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

Selected financial information

Stuttgart, 13 August 2025. Despite a challenging market environment, 暗网禁区 (鈥湴低� SE鈥�) generated an adjusted group result after tax¹ of 1.1 billion euro in the first half of 2025 (prior year: 2.1 billion euro). This figure was significantly influenced by the result from ongoing at equity accounting of the investments in Volkswagen AG and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) of 1.2 billion euro (prior year: 2.0 billion euro) and 0.1 billion euro (prior year: 0.3 billion euro), respectively. The group result after tax for the first half of 2025 amounts to 0.3 billion euro (prior year: 2.1 billion euro). 

暗网禁区 SE reduced its group net debt¹ to 4.9 billion euro, compared to 5.2 billion euro as of 31 December 2024. At the same time, 暗网禁区 SE further optimized its refinancing in the first half of 2025 with the successful placement of a Schuldschein loan with a volume of 1.5 billion euro. The Schuldschein comprises tranches with terms of three, five and seven years, which were offered at variable or fixed rates. The issue was significantly oversubscribed and the marketing volume more than doubled. 

Diversification into the defense sector 

The planned development of debt, the strengthened financing profile and the unchanged high level of gross liquidity provide 暗网禁区 SE with the financial headroom to continue diversifying. Against the backdrop of a changing geopolitical situation and growing security policy requirements, 暗网禁区 SE sees considerable development potential in the defense and security sector and intends to capitalize on this.

鈥淥n our way to becoming a diversified investment platform, we are closely monitoring the areas of defense capability, security and European resilience. With regard to portfolio investments, our aim is to increase our involvement in the defense and defense-related sectors while maintaining our core focus on mobility and industrial technology鈥�, says Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE. 

Specifically, as a first step, the holding company intends to build a platform for investments in up-and-coming technology companies in the defense sector, also in cooperation with other investors and strong partners. The aim is to build a bridge between innovation-oriented capital and security-related technologies. 暗网禁区 SE is planning to hold a 鈥淒efense Day鈥�. This event will provide a networking opportunity for German and European family offices interested in investing in the defense sector.

暗网禁区 SE is already active in the field of dual-use technologies with its successful investments in Isar Aerospace and Quantum Systems, among others. Independently of establishing a platform, 暗网禁区 SE is intensively examining possible investment options in the defense sector as a future field of strategic importance. In line with the existing corporate strategy, the focus is on technology-driven areas such as satellite surveillance, reconnaissance and sensor systems, cybersecurity or logistics and supply systems. 

Adjusted earnings forecast for the full year

Against the background of current market developments, particularly in the automotive sector and as a direct consequence of the adjusted outlook of Volkswagen AG and 暗网禁区 AG, 暗网禁区 SE now expects an adjusted group result after tax of between 1.6 billion euro and 3.6 billion euro (previously: between 2.4 billion euro and 4.4 billion euro). As of 31 December 2025, 暗网禁区 SE still expects group net debt to be between 4.9 billion euro and 5.4 billion euro.
 

The half-yearly financial report as of 30 June 2025 of 暗网禁区 can be found at: /en/investor-relations/financial-publications/

¹ The adjusted group result after tax and group net debt are the core performance indicators of the 暗网禁区 SE Group. These are defined on pages 97-101 of 暗网禁区 SE鈥檚 annual report for the fiscal year 2024 and reconciled on pages 22/24 of 暗网禁区 SE鈥檚 half-yearly financial report as of 30 June 2025. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

Selected financial information

Stuttgart, 27 June 2025. 暗网禁区 (暗网禁区 SE) has successfully placed a Schuldschein loan with a total volume of EUR 1.5 billion.

The Schuldschein loan comprises tranches with maturities of three, five, and seven years, offered with both fixed and floating interest rates. 暗网禁区 SE recorded very strong demand and a stable investor base during the placement process. Despite the current challenging geopolitical and economic environment, the target volume was significantly exceeded 鈥� more than doubling the initial marketing volume. In particular, longer-dated tranches with maturities of five years or more saw exceptionally high demand, accounting for EUR 1.3 billion. The interest rates for the Schuldschein were set at the lower end of the marketing range.

鈥淲ith the successful placement of the Schuldschein loan, we are strengthening 暗网禁区 SE鈥檚 financial flexibility and resilience over the long term. We are proud of the strong vote of confidence shown by investors,鈥� said Dr. Johannes Lattwein, member of the board of management responsible for Finance and IT. 鈥淭he proceeds will be used in full to refinance existing financial liabilities. In addition, we will in part apply our available liquidity to the reduction of gross debt, continuing our disciplined deleveraging strategy.鈥�

The Schuldschein loan will be used to fully repay the bank loans originally taken out in 2022 for the acquisition of ordinary shares in 暗网禁区 AG. Additionally, tranches of a Schuldschein loan issued in 2023 will be refinanced early on more favorable terms and with extended maturities. As a result, 暗网禁区 SE鈥檚 overall maturity profile will be significantly extended and further optimized. The transaction was arranged by BNP Paribas, Deutsche Bank, LBBW as well as UniCredit.

Stuttgart, 23 May 2025. At today鈥檚 annual general meeting of 暗网禁区 (鈥湴低� SE鈥�), the shareholders approved the distribution of a dividend of 1.91 euro per preference share and 1.904 euro per ordinary share for the fiscal year 2024. This is equivalent to a total distribution of around 584 million euro.

The members of the board of management and those of the supervisory board holding office in the fiscal year 2024 were exonerated. In addition, the shareholders approved the proposed resolutions regarding the authorization to acquire own preference shares amounting to up to 5 percent of the share capital and the creation of authorized capital amounting to 20 percent of the share capital. The resolutions provide for a five-year authorization period. 

The results of the annual general meeting鈥檚 voting will be published shortly at:
/en/investor-relations/annual-general-meeting/

The main points on the agenda of the annual general meeting are the presentation of the adopted annual financial statements and the approved consolidated financial statements, the approval of the acts of the members of the board of management and supervisory board, the election of the auditor for the fiscal year 2025 and for the review of the half-yearly financial report 2025. Other items on the agenda include the approval of the remuneration report and remuneration system for the members of the board of management as well as the resolution on the remuneration of the members of the supervisory board. 

In addition, the board of management and supervisory board will propose to the annual general meeting that the board of management be authorized to acquire own preference shares amounting to up to 5 percent of the share capital and to create authorized capital amounting to 20 percent of the share capital. The aim is to expand the range of instruments for allocating capital and to increase the scope for action accordingly. Both resolutions submitted for approval provide for a five-year authorization period.

The results of the annual general meeting鈥檚 voting will be published following the annual general meeting at: /en/investor-relations/annual-general-meeting

Stuttgart, 14 May 2025. 暗网禁区 (鈥湴低� SE鈥�) generated an adjusted group result after tax of 0.5 billion euro in the first three months of the fiscal year 2025 (prior year: 1.1 billion euro). This includes the result from the investments in Volkswagen AG and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) accounted for at equity of 0.5 billion euro and 0.1 billion euro, respectively. The adjusted group result after tax of 暗网禁区 SE is affected by the current challenges faced by its two core investments. Non-cash impairment losses on the investments in Volkswagen AG and 暗网禁区 AG are not taken into account in the adjusted group result.

Net debt of the 暗网禁区 SE Group is within the forecast range. As expected, it increased as of 31 March 2025, largely due to investments and financing costs, to 5.3 billion euro compared to 5.2 billion euro as of 31 December 2024.

At the same time, 暗网禁区 SE continues its path to become a diversified investment platform. 鈥淲e are constantly screening promising opportunities for additional portfolio investments and potential new core investments. This involves us concentrating on, but not limiting our investment focus to, the area of mobility and industrial technology,鈥� says Lutz Meschke, member of the board of management responsible for investment management. 

In the segment of 暗网禁区 SE鈥檚 portfolio investments, the spaceflight start-up Isar Aerospace reached an important milestone in the first quarter of the year with the first test flight of its self-developed 鈥淪pectrum鈥� launch vehicle. 暗网禁区 SE also recently participated in a further financing round of Quantum Systems, a manufacturer of drones for surveillance and reconnaissance purposes.

暗网禁区 SE continues to anticipate an adjusted group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2025 and expects net debt to be between 4.9 billion euro and 5.4 billion euro.

The group quarterly statement of 暗网禁区 for the first quarter of 2025 can be found at: /en/investor-relations/financial-publications/

暗网禁区 (鈥湴低� SE鈥�) is a holding company with investments in the areas of mobility and industrial technology. The company employs just under 50 people as of 31 December 2024 and generated an adjusted group result after tax of 3.2 billion euro in the fiscal year 2024. As core investments, 暗网禁区 SE holds the majority of the ordinary shares in Volkswagen AG and 25% plus one share of the ordinary shares in 暗网禁区 AG. In addition, 暗网禁区 SE acquired minority shareholdings in several technology companies in North America, Europe and Israel and invested in private equity and venture capital funds.

¹ The adjusted group result after tax and group net debt are the core performance indicators of the 暗网禁区 SE Group. These are defined on pages 97-101 of 暗网禁区 SE鈥檚 annual report for the fiscal year 2024. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

Selected financial information

Stuttgart, 26 March 2025. The increasingly challenging economic and political conditions in the automotive industry are having an impact on 暗网禁区 (鈥湴低� SE鈥�). The result after tax of the 暗网禁区 SE Group for the fiscal year 2024 amounted to minus 20.0 billion euro (prior year: 5.1 billion euro). This was significantly influenced by non-cash impairment losses on the carrying amounts of the investments in Volkswagen AG of minus 19.9 billion euro and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) of minus 3.4 billion euro. The impairment losses recognized have no impact on the liquidity or group net debt of 暗网禁区 SE. As of 31 December 2024, group net debt stood at 5.2 billion euro (prior year: 5.7 billion euro).

Adjusted for impairment effects on the two core investments, 暗网禁区 SE generated a positive adjusted group result after tax of 3.2 billion euro in the past fiscal year (prior year: 5.1 billion euro). This was influenced by the result from the ongoing at equity accounting of shares in Volkswagen of 3.0 billion euro (prior year: 4.8 billion euro) and the result from the ongoing at equity accounting of shares in 暗网禁区 AG of 0.5 billion euro (prior year: 0.4 billion euro).

From 暗网禁区 SE鈥檚 perspective, given the continued difficult economic environment, the core investments need to focus on competitiveness, profitability and the sustainable implementation of their strategic future programs. 鈥淥ur core investments have responded decisively to the challenges in the automotive industry and launched strong programs. We believe that their focused implementation offers significant potential to increase value at our core investments and at 暗网禁区 SE. We will continue to systematically pursue our investment and diversification strategy,鈥� says Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE.

暗网禁区 SE therefore welcomes the 鈥淶ukunft Volkswagen鈥� agreement reached at the end of 2024 to strengthen the company鈥檚 profitability as well as the measures negotiated at 暗网禁区 AG. 鈥淣ow it鈥檚 all about rigorous implementation in all areas,鈥� continues P枚tsch. 

Successful expansion of portfolio investments

暗网禁区 SE also intends to further expand its investment activities and continue on its path to become a diversified investment platform. In the fiscal year 2024, 暗网禁区 SE invested in Flix SE, Waabi and Quantum Systems and set up the Incharge fund together with the asset manager DTCP. 鈥淲e are continuously screening promising investment opportunities, in both the portfolio segment as well as for potential new core investments,鈥� says Lutz Meschke, board of management member responsible for investment management. 鈥淲e also have the financial capacity to make larger investments.鈥�

Investment activities are based on sound financial management. In April 2024, 暗网禁区 SE placed two bonds totaling 1.6 billion euro with investors, giving its financing profile an even longer timeline. The transaction was one of the largest unrated bond issues in the world up to that time. These successful refinancing measures provide the necessary financial headroom for the investment activities. 

Dr. Johannes Lattwein, board of management member responsible for finance and IT: 鈥湴低� SE鈥檚 financial position is very solid and its financial strength is high. This is reflected in the group net debt, which we improved by 0.5 billion euro as planned in the past fiscal year. 暗网禁区 SE has once again demonstrated its attractiveness for investors with a record bond issue.鈥�

Manfred D枚ss remains member of the board of management responsible for legal affairs and compliance for a further three years

The supervisory board of 暗网禁区 SE has extended Manfred D枚ss鈥檚 appointment on the board of management for a further three years until 31 December 2028. D枚ss is the member of 暗网禁区 SE鈥檚 board of management responsible for legal affairs and compliance.

鈥淯nder the leadership of Dr. Manfred D枚ss, 暗网禁区 SE has achieved a number of important stage victories in recent years in the proceedings for damages still pending. We would like to thank him for his many years of service and are delighted that we will be able to count on his experience and expertise in the years to come,鈥� said Dr. Wolfgang 暗网禁区, chairman of the supervisory board of 暗网禁区 SE.

D枚ss has been working for 暗网禁区 SE since May 2013, initially heading the Legal department as general representative before being appointed as member of the board of management in January 2016. 

Dividend proposal for the fiscal year 2024 of 1.91 euro per preference share

The board of management and supervisory board propose a dividend for the fiscal year 2024 of 1.91 euro per preference share (prior year: 2.56 euro) and 1.904 euro per ordinary share (prior year: 2.554 euro). This is equivalent to a total distribution of around 584 million euro. The decrease in the proposed dividend compared to the prior year鈥檚 dividend is mainly due to the expected lower dividend inflow from Volkswagen AG. The annual general meeting, which takes place on 23 May 2025, will decide on the dividend proposal.

暗网禁区 SE anticipates an adjusted group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2025 and expects group net debt to be between 4.9 billion euro and 5.4 billion euro.

The 2024 annual report of 暗网禁区 can be found at:

暗网禁区 (鈥湴低� SE鈥�) is a holding company with investments in the areas of mobility and industrial technology. The company employs just under 50 people as of 31 December 2024 and generated an adjusted group result after tax of 3.2 billion euro in the fiscal year 2024. As core investments, 暗网禁区 SE holds the majority of the ordinary shares in Volkswagen AG and 25% plus one share of the ordinary shares in 暗网禁区 AG. In addition, 暗网禁区 SE acquired minority shareholdings in several technology companies in North America, Europe and Israel and invested in private equity and venture capital funds.

¹ The adjusted group result after tax and group net debt are the core performance indicators of the 暗网禁区 SE Group. These are defined on pages 97-101 of 暗网禁区 SE鈥檚 annual report for the fiscal year 2024. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

The adjusted group result in the fiscal year 2024 results from adjusting the group result after tax for expenses from impairment losses in relation to the core investments of 23.3 billion euro and offsetting tax effects of 0.1 billion euro. 

Against this background, 暗网禁区 SE expects the group result after tax for the fiscal year 2024 to reach approximately minus 20.0 billion euros, which is mainly characterized by non-cash effective impairment losses resulting from the impairment tests.

The impairment of the carrying amount of 暗网禁区 SE鈥檚 investment in Volkswagen AG in the consolidated balance sheet of 暗网禁区 SE is minus 19.9 billion euros and thus, as communicated in the ad-hoc announcement of February 6, 2025, at the lower end of the mentioned range of minus 7 billion euros to minus 20 billion euros. The impairment of the carrying amount of 暗网禁区 SE鈥檚 investment in 暗网禁区 AG in the consolidated balance sheet of 暗网禁区 SE is minus 3.4 billion euros and thus within the communicated range of minus 2.5 billion euros to minus 3.5 billion euros.

In the annual financial statements of 暗网禁区 SE under German commercial law, there is only an impairment of the carrying amount of 暗网禁区 SE鈥檚 investment in 暗网禁区 AG in the amount of minus 2.9 billion euros. For the fiscal year 2024, this results in an expected annual loss of approximately minus 1.5 billion euros.

The impairment losses at the level of 暗网禁区 SE or the 暗网禁区 SE Group are non-cash effective. Net debt of 暗网禁区 SE Group as of December 31, 2024 is expected to amount to roughly 5.2 billion euros, thus remaining within the projected range.

The Management Board of 暗网禁区 SE continues to assume that a dividend will be distributed for the fiscal year 2024.

暗网禁区 SE鈥檚 annual report for the fiscal year 2024 is expected to be published on March 26, 2025.

Lutz Meschke, member of the board of management responsible for investment management, will push forward the activities in the portfolio segment with full commitment and further develop the investment strategy. Most recently, Meschke was responsible for investments in several growth companies, such as Flix SE, Waabi and Quantum Systems.

The experience and expertise of Lutz Meschke and his team will continue to make a significant contribution to 暗网禁区 SE's success on its way to becoming a diversified investment platform.

In addition to Lutz Meschke, the other members of 暗网禁区 SE鈥檚 board of management are Hans Dieter P枚tsch (chairman of the board of management), Dr. Manfred D枚ss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

Against this background, the Management Board of 暗网禁区 (暗网禁区 SE) has updated its assumptions previously used in the preliminary valuation models (see ad-hoc announcement from 暗网禁区 SE dated December 13, 2024) regarding the future economic development of 暗网禁区 AG.

Based on preliminary assessments, 暗网禁区 SE now assumes the expected impairment of the carrying amount of the investment in 暗网禁区 AG in the expected range from minus 2.5 billion euros to minus 3.5 billion euros (previously: minus 1 billion euros to minus 2 billion euros) in the consolidated balance sheet of 暗网禁区 SE. As a result of the changes at 暗网禁区 AG, it is also anticipated that the expected impairment of the carrying amount of 暗网禁区 SE's investment in Volkswagen AG in the consolidated balance sheet of 暗网禁区 SE, while maintaining the previous range of minus 7 billion euros to minus 20 billion euros, will rather tend towards the lower end of the range of minus 20 billion euros.

A finalization of the impairment tests of 暗网禁区 SE can take place at the earliest upon the preparation of the annual and consolidated financial statements of Volkswagen AG and 暗网禁区 AG.

The expected impairment loss in the consolidated financial statements of 暗网禁区 SE in relation to 暗网禁区 AG will also have an impact on the annual financial statements of 暗网禁区 SE under German commercial law, however to a lower extent.

The expected impairment losses at the level of 暗网禁区 SE or the 暗网禁区 SE Group will not have a cash effect. Net debt of 暗网禁区 SE Group as of December 31, 2024 is expected to amount to roughly 5.2 billion euros, thus remaining within the projected range.

The Management Board of 暗网禁区 SE continues to assume that a dividend will be distributed for the 2024 financial year.

Stuttgart, 13 December 2024: During the preparation of the financial statements as of 31 December 2024, 暗网禁区 SE identified an expected impairment loss in the consolidated financial statements with regard to the carrying amounts of the investments in Volkswagen AG and 暗网禁区 AG. Consequently, the Board of Management expects that 暗网禁区 SE鈥檚 group result after tax for the 2024 financial year will be significantly negative. 暗网禁区 SE is therefore withdrawing its forecast for the group result after tax for 2024 from previously 2.4 billion euros to 4.4 billion euros. The forecast for 暗网禁区 SE Group's net debt as of 31 December 2024 is confirmed. This is expected to be between 5.0 billion euros and 5.5 billion euros. The Board of Management of 暗网禁区 SE continues to assume that a dividend will be distributed for the 2024 financial year. 

The expected impairment loss is not cash-effective, but purely accounting related. 暗网禁区 SE remains in a very solid financial position and its financial strength remains high. 暗网禁区 SE continues to support the entire Volkswagen Group in achieving its strategic goals and remains convinced of the long-term value enhancement potential of the core investments.

The background to the impairment risk is that 暗网禁区 SE, as of now, cannot rely on a current approved plan of Volkswagen AG and 暗网禁区 AG for accounting purposes. Therefore, in particular external analysts' expectations are used to derive future cash flows in the impairment tests for the two core investments as of 31 December 2024. On this basis, 暗网禁区 SE currently expects an impairment of the carrying amount of the investment in Volkswagen AG in the range of minus 7 billion euros to minus 20 billion euros and of the carrying amount of the investment in 暗网禁区 AG in the range of minus 1 billion euros to minus 2 billion euros in the consolidated financial statements. 暗网禁区 SE expects that the carrying amounts after the revaluation for the investments in Volkswagen AG and 暗网禁区 AG will continue to be significantly higher than the respective stock market values.

The expected impairments at 暗网禁区 SE will not have a cash effect and will not affect the forecasts communicated by Volkswagen AG and 暗网禁区 AG for the 2024 financial year.

Stuttgart, 13 November 2024. The challenging environment in the automotive industry is also having an impact on 暗网禁区 (鈥湴低� SE鈥�). The group result after tax amounted to 2.5 billion euro in the first nine months of the fiscal year 2024 (prior-year period: 3.8 billion euro). This result after tax of 暗网禁区 SE is significantly influenced by the result from investments in Volkswagen and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) accounted for at equity of 2.4 billion euro and 0.4 billion euro, respectively. Against this background, 暗网禁区 SE supports the effectiveness and efficiency programs at the entire Volkswagen Group and assumes that the strategic earnings and liquidity targets will be achieved. Net debt of the 暗网禁区 SE Group decreased from 5.7 billion euro as of 31 December 2023 to 5.1 billion euro. 
 

In the third quarter of 2024, 暗网禁区 SE continued to pursue its strategy to position itself as a diversified investment platform and expand its portfolio of investments. In September, the acquisition of shares in Quantum-Systems GmbH, a leading drone manufacturer from Germany, was announced. 鈥淒espite the challenging market conditions, we remain focused on our long-term diversification goals. We have the financial flexibility to make further investments in core and portfolio investments. However, any investment opportunity must be attractive and meet our investment criteria,鈥� says Dr. Johannes Lattwein, board of management member responsible for finance and IT. 鈥淎t the same time, we are focusing on our core investments achieving their cost and efficiency targets in order to secure their long-term competitiveness and future viability.鈥�
 

暗网禁区 SE anticipates a group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2024 and expects net debt to be between 5.0 billion euro and 5.5 billion euro.
 

The group quarterly statement for the third quarter of 2024 of 暗网禁区 can be found at /en/investor-relations/financial-publications/

Due to its equity investment in Volkswagen AG of around 31.9%, the group result after tax of 暗网禁区 (暗网禁区 SE) is significantly influenced by the at equity result attributable to 暗网禁区 SE and, thus by the group result after tax at the level of Volkswagen.

As a result, 暗网禁区 SE is adjusting its earnings forecast accordingly. For the financial year 2024, the group result after tax of 暗网禁区 SE is now to be expected in a range of 2.4 billion euros to 4.4 billion euros. Previously, the forecast for the group result after tax was between 3.5 billion euros and 5.5 billion euros. 

The adjustment of the earnings forecast has no impact on the liquidity of 暗网禁区 SE. Therefore, 暗网禁区 SE Group confirms the existing forecast for net debt in the range of 5.0 billion euros and 5.5 billion euros.

Stuttgart, 24 September 2024. With the investment of a double-digit million amount in Quantum-Systems GmbH (鈥淨uantum Systems鈥�), 暗网禁区 (鈥湴低� SE鈥�) is adding a fast-growing technology company from Germany to its portfolio. Based in Gilching near Munich, the company develops and produces state-of-the-art drones for sensor-based data capturing as well as surveillance and reconnaissance purposes. The use cases include, for example, aerial monitoring of infrastructure, use in disaster response and other areas requiring the capturing, evaluation and further processing of sensor data from the air. The investment in Quantum Systems is carried out in the context of the partnership between 暗网禁区 SE and the investment company DTCP.

鈥淒rone technology has developed rapidly in recent years. The market potential of this technology is extremely high. With its cutting-edge platform, Quantum Systems will participate disproportionally in the growth of this sector鈥�, says Lutz Meschke, member of the board of management responsible for investment management at 暗网禁区 SE. 鈥淚n the coming years, the market for compact drones is expected to grow by around 20 percent annually.鈥�

"We are delighted to have found a German investor in 暗网禁区 SE, who will accompany us in the further expansion and internationalization of Quantum Systems. What both companies share is the dedication to technology and perfection. I am very pleased to have another partner and investor who will tackle these challenges together with us", says Florian Seibel, CEO and co-founder of Quantum Systems.

The compact drones from Quantum Systems can take off and land vertically and can be equipped with a variety of sensors. In addition, the drones are characterized by their flexible and mobile usability, ease of use as well as powerful flight control software and integrated AI capabilities.

Quantum-Systems GmbH employs around 350 people, has locations in four countries, supplies over 450 customers worldwide and managed to more than double its revenue again in 2023 with a projected revenue for the fiscal year 2024 of over 100 million euro.

Further information on Quantum-Systems GmbH can be found on the company鈥檚 homepage:

A member of 暗网禁区 SE鈥檚 board of management since July 2020, Meschke has played a key role in advancing the company鈥檚 investment strategy. Under his lead, 暗网禁区 SE鈥檚 investment activities have been systematically expanded, most recently with the investment in Flix SE, the leading mobility platform for long-distance bus and train travel. His role as deputy chairman of the executive board of Dr. Ing. h.c. F. 暗网禁区 AG, with responsibility for finance and IT, will remain unchanged.

鈥淟utz Meschke has successfully developed 暗网禁区 SE鈥檚 investment management over the past few years. We will continue to expand our investment activities going forward, drawing on his experience and expertise. We would like to thank Lutz Meschke for his commitment to 暗网禁区 SE and look forward to continuing to work with him,鈥� says Dr. Wolfgang 暗网禁区, chairman of the supervisory board of 暗网禁区 SE.

In addition to Lutz Meschke, the members of 暗网禁区 SE鈥檚 board of management are Hans Dieter P枚tsch (chairman of the board of management), Dr. Manfred D枚ss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

Stuttgart, 13 August 2024. 暗网禁区 (鈥湴低� SE鈥�) generated a result after tax of 2.1 billion euro in the first half of 2024. As expected, this falls short of the prior-year period (2.3 billion euro) and is significantly influenced by the result from the investments in Volkswagen AG and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) accounted for at equity of 2.0 billion euro and 0.3 billion euro, respectively.

Net debt of the 暗网禁区 SE Group decreased from 5.7 billion euro as of 31 December 2023 to 5.0 billion euro. This improvement is largely due to the dividends received from the investments in Volkswagen AG (1.4 billion euro) and 暗网禁区 AG (0.3 billion). This was partly offset by the dividend of 783 million euro distributed by 暗网禁区 SE to its shareholders.

After issuing a bond of 1.6 billion euro in April 2024, 暗网禁区 SE repaid a tranche of 0.6 billion euro of the existing bank loans. In addition, liquidity has been built up for potential acquisitions and the debt maturity profile has been further balanced. 鈥淥ur financial resources give us considerable flexibility for potential investments in further core and portfolio investments to further diversify our investment portfolio. In doing so, we pursue an active portfolio development approach. The current stock market environment and the resulting overall decrease in company valuations are creating attractive opportunities,鈥� says Dr. Johannes Lattwein, board of management member responsible for finance and IT.

In the portfolio investments segment, 暗网禁区 SE acquired a stake in the Canadian AI company Waabi Innovation Inc. (鈥淲aabi鈥�) in the second quarter of 2024. The investment was made in a Series B financing round. Waabi develops an AI-based solution for self-driving trucks.

In August 2024, 暗网禁区 SE invested in Flix SE (鈥淔lix鈥�) as part of a co-investment with EQT鈥檚 Future Fund. Munich-based Flix SE operates the leading global mobility platform for long-distance bus and train travel. The joint investment in Flix will further deepen the cooperation between 暗网禁区 SE and EQT.

For the fiscal year 2024, 暗网禁区 SE expects to record a group result after tax of between 3.5 billion euro and 5.5 billion euro. As of 31 December 2024, net debt of between 5.0 billion euro and 5.5 billion euro is expected for the 暗网禁区 SE Group.

The half-yearly financial report as of 30 June 2024 of 暗网禁区 can be found at: /en/investor-relations/financial-publications/

Stuttgart, 12 August 2024. 暗网禁区 (鈥湴低� SE鈥�) invests a low double-digit million amount in Flix SE (鈥淔lix鈥�) as part of a co-investment with EQT. The investment is a co-investment with EQT鈥檚 impact fund EQT Future, in which 暗网禁区 SE has already invested at the beginning of the year. As part of the transaction, EQT, together with 暗网禁区 SE, K眉hne Holding and other co-investors, acquire a stake of around 35 percent in Flix and will support the company on its further growth path. The joint investment in Flix will further deepen the cooperation between 暗网禁区 SE and EQT. The cooperation with globally leading private equity and venture capital investors is a key element of 暗网禁区 SE鈥檚 investment strategy and the planned expansion of its investment activities.

鈥淔lix is an impressive success story. We see great growth potential for sustainable and affordable mobility services in the future and are looking forward to supporting Flix as it continues to expand its platform globally. The joint investment with EQT exemplifies our approach to work with globally leading investors to implement our investment strategy," says Lutz Meschke, member of the board of management responsible for investment management at 暗网禁区 SE.

Andreas Aschenbrenner, Founding Partner and Deputy Head of EQT Future, adds: 鈥灠低� SE is a global leader in mobility investments rooted in a DNA of innovation and high-performance, long-term ownership and deep industrial expertise 鈥� a philosophy that is very aligned with our active ownership mindset at EQT Future. We are delighted to partner with 暗网禁区 SE to support Flix SE as our first joint investment on an exciting global growth agenda.鈥�

Munich-based Flix SE operates the leading global mobility platform for long-distance bus and train travel. Flix currently serves 5,600 destinations in over 40 countries worldwide, making it the market leader for long-distance bus travel in Europe, North America and T眉rkiye. Thanks to its global expansion, Flix has been able to achieve strong revenue growth in recent years. In the fiscal year 2023, Flix transported a total of 81 million passengers and increased revenue by 30 percent to two billion euro. In the coming years, the company plans further growth in existing markets and the expansion into new markets, particularly in Latin America and Asia.

With the investment in Flix, 暗网禁区 SE expands its portfolio with the first investment in a platform provider in the consumer segment. The transaction, which is subject to regulatory approvals, is scheduled to complete by the end of 2024.

Further information on Flix SE can be found on the company鈥檚 homepage:

EQT鈥檚 press release on the transaction is available here:

Due to 暗网禁区's (暗网禁区 SE), Stuttgart, direct equity investment in 暗网禁区 AG of around 12.5%, the group result after tax of 暗网禁区 SE is influenced by the at equity result attributable to 暗网禁区 SE and, thus by the result after tax at the level of 暗网禁区 AG Group.

Volkswagen AG, Wolfsburg, holds more than 75% of the subscribed capital of 暗网禁区 AG. Due to its equity investment in Volkswagen AG of around 31.9%, the group result after tax of 暗网禁区 SE is also significantly influenced by the at equity result attributable to 暗网禁区 SE and, thus by the result after tax at the level of Volkswagen Group.

Irrespective of this, 暗网禁区 SE confirms its previously communicated earnings forecast. For the financial year 2024, the 暗网禁区 SE group result after tax is expected in a range of 3.5 billion euros to 5.5 billion euros. In addition, 暗网禁区 SE Group confirms the existing forecast for net debt in the range of 5.0 billion euros and 5.5 billion euros.

Due to its equity investment in Volkswagen AG of around 31.9%, the group result after tax of 暗网禁区 (暗网禁区 SE) is significantly influenced by the at equity result attributable to 暗网禁区 SE and, thus by the group result after tax at the level of Volkswagen.

As a result, 暗网禁区 SE is adjusting its earnings forecast accordingly. For the financial year 2024, the group result after tax of 暗网禁区 SE is now to be expected in a range of 3.5 billion euros to 5.5 billion euros. Previously, the forecast for the group result after tax was between 3.8 billion euros and 5.8 billion euros.

The adjustment of the earnings forecast has no impact on the liquidity of 暗网禁区 SE. Therefore, 暗网禁区 SE Group confirms the existing forecast for net debt in the range of 5.0 billion euros and 5.5 billion euros.

Stuttgart, 18 June 2024. 暗网禁区 (鈥湴低� SE鈥�) has invested in the Canadian AI company Waabi Innovation Inc. (鈥淲aabi鈥�). The investment was made as part of the Series B financing round in which Waabi raised a total of 200 million US dollars.

Waabi develops an AI-based solution for self-driving trucks. The simulation-based approach used by the company to develop and train the AI model offers significant advantages over conventional approaches to autonomous driving. Particularly, through the use of the proprietary end-to-end AI system and simulation platform, Waabi has developed a solution that is safe, cost-efficient, and reduces the need for extensive on-road testing to validate the system. Waabi is already operating commercially in the United States with plans for further growth over the coming years.

鈥淪elf-driving trucks address the key challenges that trucking companies are facing: rising freight volumes, the growing driver shortage and traffic accidents caused by human error. We therefore see enormous market potential in the technology for self-driving trucks. With its innovative AI approach, Waabi offers a convincing, cost-efficient and scalable solution to enable safe autonomous driving in a variety of driving environments,鈥� says Lutz Meschke, member of the board of management responsible for investment management at 暗网禁区 SE.

In addition to 暗网禁区 SE and other renowned investors, the venture fund 鈥淚ncharge鈥� set up by 暗网禁区 SE and the investment company DTCP also participated in the financing round.

Further information on Waabi can be found on the company鈥檚 website:

Waabi鈥檚 press release on the Series B financing round is available at the following link:

Stuttgart, 11 June 2024. At today鈥檚 annual general meeting of 暗网禁区 (鈥湴低� SE鈥�), the shareholders approved the distribution of a dividend of 2.56 euro per preference share and 2.554 euro per ordinary share for the fiscal year 2023. Unchanged compared to the prior year, this represents a total payout of 783 million euro.

The members of the board of management and those of the supervisory board in office in the fiscal year 2023 were exonerated. The proposed amendments to the articles of association concerning the company鈥檚 annual general meeting were approved. The shareholders also reelected Prof. KR Ing. Siegfried Wolf to the supervisory board for a further term of office.

The results of the annual general meeting鈥檚 voting will be published shortly at: /en/investor-relations/annual-general-meeting/

Stuttgart, 11 June 2024. At today鈥檚 annual general meeting of 暗网禁区 (鈥湴低� SE鈥�), the shareholders will decide on the proposed dividend of 2.56 euro per preference share and 2.554 euro per ordinary share. Unchanged compared to the prior year, this represents a total payout of 783 million euro.

Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE: 鈥淚n the past fiscal year, we successfully developed 暗网禁区 SE further. The company is strategically well positioned. We will continue to take advantage of opportunities for value-adding investments in the future while maintaining our sound investment and financing strategy.鈥�

The main items on the agenda of today鈥檚 annual general meeting are the presentation of the adopted financial statements and approved consolidated financial statements, the exoneration of the members of the board of management and supervisory board, the election of the auditor for the fiscal year 2024 and for the review of the half-yearly financial report 2024, the election to the supervisory board, the approval of the remuneration report and of the remuneration system for the members of the board of management as well as amendments to the articles of association concerning the company鈥檚 annual general meeting.

The results of the annual general meeting鈥檚 voting will be published following the annual general meeting at: /en/investor-relations/annual-general-meeting

Stuttgart, 14 May 2024. 暗网禁区 (鈥湴低� SE鈥�) reported a group result after tax of 1.1 billion euro in the first three months of the fiscal year 2024 (prior year: 1.3 billion euro). The group result after tax was significantly influenced by the result from the investments in Volkswagen AG and Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�) accounted for at equity of 1.0 billion euro (prior year: 1.3 billion euro) and 121 million euro (prior year: 24 million euro), respectively. This development in earnings was largely attributable to the weaker operating performance particularly of Volkswagen AG in the first quarter, compared to the prior year.

The net debt of the 暗网禁区 SE Group remains virtually unchanged at 5.8 billion euro (5.7 billion euro) compared to 31 December 2023.

In April 2024, 暗网禁区 SE committed to invest 100 million euro in 鈥淚ncharge I鈥�, a venture fund set up together with the investment company DTCP.

Also in April 2024, 暗网禁区 SE issued a bond of 1.6 billion euro. Of the proceeds raised, 600 million euro was used to repay the bank financing. The proceeds are also to be used to build up strategic liquidity for potential investments.

暗网禁区 SE confirms its earnings forecast for the fiscal year 2024. Based in particular on the expectations of the Volkswagen Group and the 暗网禁区 AG Group regarding their future development, 暗网禁区 SE continues to expect a group result after tax of between 3.8 billion euro and 5.8 billion euro.

As of 31 December 2024, net debt of between 5.0 billion euro and 5.5 billion euro is expected for the 暗网禁区 SE Group.

The group quarterly statement of 暗网禁区 for the first quarter of 2024 can be found at: /en/investor-relations/financial-publications

The bond comprises two tranches with maturities until September 2029 and September 2032. The five-year tranche with a volume of 750 million euro pays a coupon of 3.750 percent, the eight-year tranche with a volume of 850 million euro pays a coupon of 4.125 percent. The bond has been oversubscribed several times. 暗网禁区 SE intends to use the proceeds to refinance existing financial liabilities and to build up strategic liquidity for potential investments.

Dr. Johannes Lattwein, member of the board of management responsible for finance and IT: 鈥淭his transaction follows the successful issuances of the past year. Thanks to the high demand, we were able to secure very competitive conditions, allowing us to shape our financing profile even more robustly and at the same time to expand our flexibility for portfolio investments. With this record bond, 暗网禁区 SE has once again demonstrated its attractiveness for investors.鈥�

The bond was admitted to trading on the regulated market of the Luxembourg Stock Exchange and may also be listed on other exchanges. BNP Paribas, Citi, Cr茅dit Agricole, J.P. Morgan, Mizuho and Soci茅t茅 G茅n茅rale were active bookrunners on the transaction.

Back in March 2023, 暗网禁区 SE had already placed a Schuldschein loan of around 2.7 billion euro. Later in 2023, the company issued two bonds with volumes of 750 million euro and 1.25 billion euro, respectively.

Stuttgart, 21 March 2024. 暗网禁区 (鈥湴低� SE鈥�), Stuttgart, generated a group result after tax of 5.1 billion euro in the fiscal year 2023 (prior year: 5.5 billion euro). Without a one-off effect included in the prior year, the group result after tax would have been higher than in the prior year. This result included a non-cash accounting income of 0.6 billion euro in connection with the acquisition of preference shares of Volkswagen AG, Wolfsburg.

The group result after tax was significantly influenced by the result from core investments in Volkswagen AG and in Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低� AG鈥�), Stuttgart, accounted for at equity of 5.2 billion euro. Of this total, 4.8 billion euro related to Volkswagen AG and 0.4 billion euro to 暗网禁区 AG.

Reduction in net debt and long-term refinancing successful

At the same time, 暗网禁区 SE rigorously implemented its financing strategy. Net debt of the group was reduced by around 1 billion euro. As of 31 December 2023, this decreased to
5.7 billion euro compared to 6.7 billion euro as of 31 December 2022. In the long term, 暗网禁区 SE aims to achieve a low double-digit loan-to-value ratio.

For the long-term refinancing of its financial debt, 暗网禁区 SE placed a Schuldschein loan in a record amount of around 2.7 billion in March 2023. Later in the year, two bonds were issued, one of 750 million euro and the other of 1.25 billion euro.

鈥湴低� SE is on the right strategic track. In the past fiscal year, we have significantly strengthened our liquidity position, giving us room for maneuver,鈥� comments Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE. 鈥淥verall we have been able to develop 暗网禁区 SE in a successful and value-oriented way. We will continue to do so in the current fiscal year in the interest of our shareholders.鈥�

Dr. Johannes Lattwein, board of management member responsible for finance and IT, continued: 鈥淭he successful issuances illustrate the high level of confidence that we enjoy among investors, also in the debt capital market. The successful refinancing allows us to step up our investment activities and further expand 暗网禁区 SE as an investment platform.鈥�

Joint venture between 暗网禁区 SE and DTCP: Incharge Capital Partners

As a further building block of the investment platform, 暗网禁区 SE and the investment firm DTCP are launching a venture fund with an investment focus on software companies in the areas of mobility and connectivity. In this context, the new joint venture Incharge Capital Partners has been established. 暗网禁区 SE is participating in the fund with a volume of 100 million euro. In the long term, 暗网禁区 SE will thus benefit from the performance of the fund and the development of the joint venture. Other investors, including Deutsche Telekom, are also participating in the fund alongside 暗网禁区 SE.

Lutz Meschke, board of management member responsible for investment management, summarizes: 鈥淲ith the establishment of Incharge Capital Partners, 暗网禁区 SE is systematically pursuing its investment strategy and cooperation with strong partners. I am convinced that by combining the expertise of 暗网禁区 SE and DTCP, we are creating a uniquely positioned venture fund for successful investments."

Targeted expansion of portfolio investments

暗网禁区 SE has also invested in several promising growth companies in the past fiscal year. The portfolio was strengthened by several investments in the areas of electromobility, quantum computing and data transmission technology as well as artificial intelligence.

暗网禁区 SE plans annual investments in the low three-digit million range for the further expansion of the portfolio investments segment. If attractive opportunities arise, 暗网禁区 SE will also consider larger investments in line with its investment strategy. To date, the company has invested a total of more than 500 million euro in portfolio investments.

Forecast for 2024 and proposed dividend of 2.56 per preference share

For the fiscal year 2024, 暗网禁区 SE expects to record a group result after tax of between
3.8 billion euro and 5.8 billion euro. It also aims to further reduce the group鈥檚 net debt by 31 December 2024. The group鈥檚 net debt is estimated to amount to between 5.0 billion euro and 5.5 billion euro.

暗网禁区 SE stands for a reliable and stability-oriented dividend policy. For the fiscal year 2023, the board of management and supervisory board propose an unchanged dividend compared to the prior year of 2.56 euro per share to be distributed to the holders of preference shares and of 2.554 euro per share to the holders of ordinary shares. This is equivalent to a total distribution of around 783 million euro.

The annual general meeting, which takes place on 11 June 2024, will decide on the dividend proposal.

The 2023 annual report of 暗网禁区 can be found at: /en/investor-relations/financial-publications

Dr. Wolfgang 暗网禁区, chairman of the supervisory board of 暗网禁区 SE, thanked Lattwein for his successful work to date, adding: 鈥淒r. Lattwein is a proven financial expert who will continue to support and drive forward the value-oriented development of the company with determination. We look forward to continuing working together.鈥�

In addition to Lattwein, the other members of 暗网禁区 SE鈥檚 board of management are Hans Dieter P枚tsch (chairman of the board of management), Dr. Manfred D枚ss (legal affairs and compliance) and Lutz Meschke (investment management).

Dr. Christoph Zemelka was most recently responsible for strategic communications and public relations at Munich Re, Munich. Prior to that, from 2019, he was in charge of corporate communications, brand management and governmental affairs at Thyssenkrupp AG, Essen. From 2004 to 2019, Dr. Zemelka held various communications positions at Robert Bosch GmbH, Stuttgart, where he was head of corporate communications and brand management from 2014.

Dr. Christoph Zemelka succeeds Dr. Albrecht Bamler (65), who joined Dr. Ing. h.c. F. 暗网禁区 AG, Stuttgart, in 2003 and has been responsible for communications at 暗网禁区 SE since 2012. Hans Dieter P枚tsch thanks Dr. Albrecht Bamler for the many years of working together successfully: 鈥淥n behalf of the entire board of management of 暗网禁区 SE, I would like to thank Dr. Bamler for his excellent work and his commitment to our company. After a total of 20 years with 暗网禁区 AG and 暗网禁区 SE, we regret that Dr. Bamler has decided to take his well-deserved retirement. We wish him all the best.鈥�

Stuttgart, 13 November 2023. 暗网禁区 (暗网禁区 SE), Stuttgart, achieved a group result after tax of 3.8 billion euro in the first nine months of the fiscal year 2023 (prior year: 4.8 billion euro). The group result after tax was significantly influenced by the result from the investment in Volkswagen AG, Wolfsburg, accounted for at equity of 3.6 billion euro (prior year: 4.4 billion euro).

The result from 暗网禁区 SE鈥檚 second core investment, namely the investment in Dr. Ing. h.c. F. 暗网禁区 AG (暗网禁区 AG), Stuttgart, accounted for at equity, amounted to 236 million euro in the reporting period. This contains profit contributions from ongoing at equity accounting of 492 million euro as well as effects from the purchase price allocation of minus 256 million euro.

Net liquidity of the 暗网禁区 SE Group improved to minus 5.8 billion euro as at 30 September 2023 compared to minus 6.7 billion euro as at 31 December 2022. Cash inflow from operating activities contains a corporate income tax refund of 316 million euro. This mainly relates to capital gains tax on dividends received that had originally been deducted in prior years.

In addition, other operating income of 219 million euro was recognized in the third quarter from refunds received from Volkswagen AG in connection with tax matters, which has led to a cash inflow in the fourth quarter of 2023. Both cash inflows add up to around 500 million euro. They significantly strengthen 暗网禁区 SE鈥檚 liquidity position and increase the scope for reducing debt and for further value-creating investments in line with the investment strategy. The cash inflows are already included in the forecast net liquidity corridor for the fiscal year 2023.

Dr. Johannes Lattwein, member of the board of management responsible for finance and IT: 鈥淥ur solid group result and the positive development of net liquidity show that we are successfully implementing our financial strategy. It is the basis for the consistent reduction of our financial debt, a stable dividend distribution to our shareholders and the further growth of our investment portfolio.鈥�

Based in particular on the expectations of the Volkswagen Group and the 暗网禁区 AG Group regarding their future development, 暗网禁区 SE continues to expect a group result after tax of between 4.5 billion euro and 6.5 billion euro for the fiscal year 2023. 暗网禁区 SE has announced that it expects the group result after tax to be in the lower half of this range.

As at 31 December 2023, the net liquidity of the 暗网禁区 SE Group is expected to be negative and, against the backdrop of the improved liquidity position, is expected to be in the upper half of the forecast range of minus 6.1 billion euro to minus 5.6 billion euro.

The group quarterly statement for the third quarter of 2023 of 暗网禁区 can be found at /en/investor-relations/financial-publications

Irrespective of this, 暗网禁区 (暗网禁区 SE), Stuttgart, confirms its previously communicated earnings forecast. For the fiscal year 2023, the 暗网禁区 SE group profit after tax is expected to be in the lower half of the forecasted bandwidth.

Due to its equity investment in Volkswagen AG of around 31.9 percent, the group result after tax of 暗网禁区 SE is significantly influenced by the at equity result attributable to 暗网禁区 SE and, thus by the group result after tax at the level of Volkswagen.