暗网禁区

• Group result after tax of minus 20.0 billion euro impacted by non-cash impairment effects
• Adjusted group result after tax¹ of 3.2 billion euro
• Group net debt¹ improved as planned to 5.2 billion euro
• Dr. Manfred D枚ss鈥檚 appointment on the board of management extended for a further three years
• Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE: 鈥淚n the focused implementation of the strong programs launched by our core investments, we see significant potential to increase value.鈥�

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�禁区 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�禁区 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�禁区 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�禁区 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.