15 increases

13 unchanged

7 reductions

Insurance companies

Banks

Utilities

Car stocks

Type here if you like collecting dividends: https://shorturl.at/83W8R

$MBG (-1,18 %)
$ALV (-0,33 %)
$VOW3 (+0,4 %)
$MUV2 (-2,35 %)
$BMW (-0,52 %)
$AIR (-0,92 %)
$CBK (+1,61 %)
$523232
$DTG (-2,15 %)
$DHL (-0,36 %)
$FME (-0,98 %)
$FRE (-0,12 %)
$HNR1 (-2,96 %)
$MTX (-1,58 %)
$RHM (+0,69 %)
$SAP (-0,76 %)
$ENR (-5,06 %)
$BAS (-0,35 %)
$BAYN (-2,72 %)
$BEI (-0,1 %)
$DBK (+0,39 %)
$DTE (-2,93 %)
$EOAN (-0,05 %)
$GEA
$IFX (-0,54 %)
$RWE (+1,35 %)
$SY1 (-0,38 %)
$ZAL (-1,04 %)
$ADS (+1,15 %)
$BNR (+0,17 %)
$HEN (-1,02 %)
$MRK (-1,4 %)
$SIE (+3,13 %)
$SHL (-0,67 %)

$SY1 (-0,38 %)

📊 Symrise - Financial year 2025 (Earnings)

Symrise AG has published its figures for the 2025 fiscal year. The company reported solid organic growth despite difficult conditions.

Key earnings figures 2025 (preliminary / adjusted):

- Total sales: € 4.93 billion (lower than previous year (€ 4.999 billion))

- Organic sales growth: +2.8%

- Adjusted EBITDA: € 1.081 billion

EBITDA 2024: € 1.033 billion

- Adj. EBITDA margin: 21.9% (plus 120 basis points YoY)

- Adjusted net profit: € 513 million

- Adjusted earnings per share: € 3.67

- Dividend proposal: € 1.25 per share (previous year: € 1.20) + buyback of € 400 million

- Free cash flow at record level: € 780 million

- Net debt: slightly reduced, target range

The published figures include non-cash impairments, particularly in the Terpene and Swedencare business, which reduce IFRS earnings per share to € 1.78.

📈 Outlook & strategy

Forecast for 2026: organic growth of 2.0% to 4.0%, EBITDA margin 21.5% to 22.5% and free cash flow margin >14%.

Symrise confirms its medium-term targets until 2028:

- Organic sales growth CAGR 5-7 %

- EBITDA margin 21-23 %

- Free cash flow margin >14 %

Management's key message is that the ONE SYM strategy will continue to be implemented and that profitability and cash generation have improved.

💡 Conclusion

Symrise delivered a more stable result than expected in 2025

✔ Organic growth despite market uncertainties

✔ EBITDA margin at an attractive level

✔ Record free cash flow

✔ Dividend increase and share buyback program

👋 Introduction & background

Hey everyone!

I'm 33, married and dad to two small children (18 months and 2 months old). I've been working in the automotive industry since 2011 and in management consulting since 2019. ⚙️🚗💼

My wife is an engineer and also works in the automotive industry. 👩‍🔧🚗

I've been with getquin since 2022, but so far I've been reading along rather than actively posting. 👀

My wife is currently on parental leave and receives parental allowance. I will go on parental leave in Q2 2026 (also with parental allowance), then she will start working again. This means that only one of us will receive a full salary until the end of 2026 - but we'll still be sticking to our savings and investment quota. 👶💶

💰 Current status:

A good mid-six-figure amount has already been saved in our custody accounts. 📈

👶 Children & investments

For each child, we invested €10,000 in the Vanguard FTSE All World ($VWRL) (+0,13 %) invested. In addition, each child receives €150 per month in the same ETF - via junior custody accounts at ING. 📊

💍 My wife's investments

She invests monthly:

- 🌎 500 € in the MSCI World ($XDWL) (-0 %)

- 💸 500 € in the Vanguard FTSE All World High Dividend ($VHYL) (-0,11 %)

📈 My investment strategy

Long-term, diversified and with a focus on cash flow & wealth accumulation.

🔹Core portfolio (ETF & Bitcoin)

€1,000 flows in every month:

- 💵 €600 in SPDR S&P 500 ($SPY5) (+0,15 %)

- 🌍 €200 in Vaneck Morningstar Developed Markets Dividend Leaders ($TDIV) (-0,35 %)

- ₿ 200 € in Bitcoin ($BTC) (+0,2 %)

🔹 Individual share savings plans (€25/ €600 each)

Target per company: €10,000 investment amount.

Currently participating:

$DB1 (-0,52 %) , $UNP (-0,24 %), $RACE (-1,33 %) , $MRK (-1,4 %) , $MUV2 (-2,35 %) , $DGE (-0,22 %) , $DE (+1,19 %) , $TXN (-3,01 %) , $AWK (+0,04 %) , $ADP (-0,19 %) , $PLD (-1,48 %) , $HEN (-1,02 %) , $ITW (+0,15 %) , $UNH (-0,13 %) , $LLY (-1,59 %) , $BEI (-0,1 %) , $MCD (-3,11 %) , $DTE (-2,93 %) , $WMT (-1,8 %) , $COST (-1,13 %) , $WM (-1,05 %) , $JPM (+0,88 %) , $BLK (+0,45 %) , $SY1 (-0,38 %)

🔹 Cash reserve

💰 Set aside at least €1,000 every month to be able to strike flexibly when opportunities arise.

🏘️ Real estate strategy

We live in our own home and own a rental apartment that pays for itself. ✅

Further real estate purchases are planned. 🏡📈

🎯 Target (15-20 years)

Financial freedom - with the option of part-time or complete independence from employment. Focus on more time for family, projects and quality of life. ✨

How do you structure your portfolios? What is your strategy and what are your long-term goals?

I look forward to the exchange!

15 of the 40 DAX companies are expected to achieve record profits in 2025.

However, five shares of the record profit groups are trading at least 20 percent below their previous high. This makes these stocks interesting because it reduces their valuation. One share is even trading 75 percent below its record high.

Handelsblatt profiles these five shares with a view to the companies' share valuations and business prospects.

75 percent below record high: Zalando

Zalando is currently trading $ZAL (-1,04 %) is currently 75 percent below its all-time high, although the company is expected to earn more in the current financial year than ever before.

23 out of 31 analyses recommend buying the share at the current reduced price level, only two recommend selling.

However, shareholders should not be blinded by the supposedly favorable valuation, as the high average P/E ratio of 60 is distorted by losses and very meager profits from the early days as well as the brief euphoria for online retail shares during the pandemic.

42 percent below record high: Symrise

Analysts forecast for Symrise $SY1 (-0,38 %) on average 514 million euros net profit, after the previous record profit of 478 million euros in the previous year. The operating profit before interest and taxes is expected to be 21.5 cents per euro. The previous forecast was 21 cents.

16 out of a total of 24 analysts recommend buying the share. One argument is the high dividend continuity. In spring, the payout increased for the 15th time in a row. Nothing stands in the way of another increase in 2026 in view of rising Group profits.

39 percent below record high: Beiersdorf

With a price loss of 30 percent over the past six months, the shares of consumer goods manufacturer Beiersdorf $BEI (-0,1 %) is one of the worst performers in the DAX.

Nevertheless, Beiersdorf is on the verge of another record profit. After a net profit of 912 million euros in the past financial year, analysts are forecasting an average of just under one billion euros for 2025.

17 out of 26 analysts recommend buying the share, two recommend selling. Despite imminent record profits, the share is trading more than a third below its record high. With a P/E ratio of 20 based on the profits expected in the next four quarters, the share is still not cheap. However, it is valued 20 percent lower than the average of the past 20 years.

30 percent below record high: Siemens Healthineers

Hardly any other DAX-listed company is as globalized as the Siemens medical technology subsidiary. Siemens Healthineers generates 95 percent of its sales abroad. $SHL (-0,67 %) abroad. This makes the company independent of the German market.

The manufacturer of surgical robots, computer tomographs and radiotherapy equipment posted a net profit of 1.9 billion euros last year. Analysts are forecasting a record profit of 2.2 billion euros for the current financial year.

With a P/E ratio of 18.8 based on the profits expected in the next four quarters, the share is moderately valued and 15 percent lower than the historical average. However, the Siemens subsidiary has only been listed on the stock exchange since 2018.

23 out of a total of 25 analysts who regularly analyze the Group recommend buying the share. None recommend selling. This gives Siemens Healthineers by far the best rating of the shares portrayed here.

20 percent below record high: SAP

In the past quarter, SAP's earnings before interest and taxes (EBIT), adjusted for special effects $SAP (-0,76 %) earnings before interest and taxes (EBIT) adjusted for special items rose by around a third to 2.6 billion euros compared to the same period last year. The cash inflow, which is important for investors, increased by 83 percent to just under 2.4 billion euros.

For the year as a whole, analysts are forecasting an average net profit of 6.8 billion euros. That would be more than ever before and more than twice as much as in 2024. In the previous year, however, provisions worth billions of euros for employee severance programs distorted the balance sheet.

27 buy recommendations are offset by four hold and three sell ratings. One reason for the fairly strong vote despite the high valuation is the high level of resilience: a good 85% of revenue is based on recurring and therefore reliable business. This makes the IT group virtually independent of economic fluctuations.

Source text (excerpt) & graphic: Handelsblatt, 23.09.25

$SY1 (-0,38 %)

Last year, it seemed as if the share was finally coming back to life, which was logical in view of a 40% jump in profits. In the end, however, the share failed to reach the old highs and has been under pressure ever since.

If you look for a reason for this, you will certainly find one, such as the weak organic growth in the final quarter of 2024 or an ongoing lawsuit in the US due to possible price fixing.

Outlook and valuation

However, the fact that profits rose by 40 % in 2024 is a fact. As is the fact that the share is now trading at the same level as in 2020, although profits are now more than one and a half times higher.

In the first quarter of the current financial year, sales increased organically by 4 % and the forecast was confirmed.

For 2025, Symrise continues to forecast organic growth of 5 - 7 %, an EBITDA margin of 21 % and a free cash flow of 14 %.

Symrise therefore expects solid growth and a slight increase in profitability.

This is in line with the consensus estimates, which predict an 11 % jump in earnings to EUR 3.82 per share for the current fiscal year.

Accordingly, Symrise has a P/E ratio of 23.7, which is reasonable in view of the double-digit growth rates. The long-term average P/E ratio is 30.

complete article:

https://www.lynxbroker.de/boerse/boerse-kurse/aktien/symrise-aktie/symrise-analyse/?a=3355991664&utm_medium=email&utm_source=newsletter&utm_campaign=newsletter-boersenblick&newsletter=true&mc-rss-cache-bypass=2025070706&goal=0_d93daae099-e2cc65abd4-410756260#symrise-kgv-auf-dem-niedrigsten-niveau-seit-ueber-10-jahren

I'm 19 and a student, so I don't have much income at the moment.

Last week I sold my $XDWD (+0,11 %) last week to reduce my USA share, as I assume that the USA will lose its supremacy, which will benefit the EU. (Hence the Dax and Greece etf).

On the watchlist are (and will probably be bought in a crash)

$PNG (-0,55 %)
$EWI (-0,1 %)
$EIN3 (+0,98 %)
$FUR (+2,49 %) (was already in the portfolio) and $SY1 (-0,38 %)

Lufthansa: $LHA (-2,03 %)

- Q1 revenue: €8.13bn (expected: €8.04bn)

- Q1 adj. EBIT: € -722 million (expected: € -718 million)

- Passenger airlines weaker than expected.

- Forecast 2025 confirmed: Significantly higher adj. EBIT than 2024.

- Task force for rapid capacity adjustment in the event of weaker demand.

- North American traffic strong in Q1 (+25% US passengers in March).

HelloFresh: $HFG (+1,2 %)

- Q1 revenue: € 1.93 billion (-7%), adjusted EBITDA: € 58.1 million (+250%).

- Efficiency program bears fruit.

- 2025 forecast confirmed: Sales -3% to -8%, EBITDA € 450-500 million.

Novartis: $NOVN (+0,36 %)

- Q1 net profit: USD 3.6 bn (+33%).

- Forecast raised: Sales growth now expected in the high single-digit percentage range.

Mutares: $MUX (+7,95 %)

- Q1 revenue: €1.53bn (+13%), net result holding company: €29.5m.

- Exits planned for 2025 (>€200m gross proceeds expected).

- Partial sale of Steyr Motors generates € 74m.

Symrise: $SY1 (-0,38 %)

- Q1 organic growth: 4.2%, sales: € 1.32 bn.

- Full-year forecast confirmed: 5-7% organic growth, EBITDA margin ~21%.

DWS Group: $DWS (-0,73 %)

- Q1 revenues: €753m (+3%), net income: €199m (+13%).

- Record inflows: € 19.9 billion.

- Cooperation with Deutsche Bank in the Private Credit segment.

Deutsche Bank: $DBK (+0,39 %)

- Q1 pre-tax profit +39%, highest quarterly profit in 14 years.

- Revenue growth and cost reductions drive earnings above expectations.

Lufthansa starts the year with another high loss + Hellofresh suffers from sluggish demand for cooking boxes at the start of the year + Symrise on course for annual targets

Lufthansa $LHA (-2,03 %)starts the year with another high loss

• Despite significantly higher revenues, Lufthansa has once again started the year with figures in the deep red.
• While several strikes had had an expensive impact in the previous year, operating costs rose noticeably in the first quarter.
• In addition, Easter only fell in the second quarter this time.
• However, despite the customs dispute with the USA, the Group counted significantly more travelers from the United States in March than a year earlier, as it announced in Frankfurt on Tuesday.
• Bookings from the USA continued to increase.
• This is another reason why CEO Carsten Spohr is sticking to his goal of increasing profits in day-to-day business (adjusted EBIT) in the current year and "significantly" exceeding the previous year's figure of around 1.65 billion euros.
• In the first quarter, the Group's turnover rose by ten percent year-on-year to 8.1 billion euros.
• The operating loss adjusted for special items (adjusted EBIT) decreased by 15 percent to 722 million euros.
• In the passenger business, however, the loss widened to 934 million euros.
• At the bottom line, the Group's loss increased by more than a fifth to 885 million euros due to lower tax relief.

Hellofresh $HFG (+1,2 %)suffers from sluggish demand for cooking boxes at the start of the year

• Hellofresh suffered a decline in sales at the start of the year due to the continued sluggish business with cooking boxes.
• Revenues in the first quarter fell by around seven percent year-on-year to 1.93 billion euros, as the Berlin-based MDax company announced on Tuesday.
• In mid-March, the management had already predicted a difficult first quarter.
• While sales of cooking boxes shrank by 13.5 percent, the ready meals division grew by 10.5 percent.
• Hellofresh confirmed its forecast for the year.
• Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) soared by around 250 percent to 58.1 million euros due to the ongoing savings program.
• Savings in personnel costs and production were particularly noticeable in the cooking box business.
• Meanwhile, the growing ready meals business is still making an operating loss.
• The bottom line for shareholders was a loss of 123.8 million euros after 83.9 million in the same quarter of the previous year.
• Hellofresh continues to expect a decline in sales of three to eight percent in the current year.
• The adjusted operating profit is expected to be between 450 and 500 million euros and thus at least reach the level of two years ago.
• Back in March, the food delivery company announced a savings program: from 2026, a total of 300 million euros are to be saved annually.

Symrise $SY1 (-0,38 %)on course for annual targets

• Despite a slower start to the year, Symrise believes it is on track to achieve its annual targets.
• Sales in the first quarter rose by just under two percent year-on-year to around 1.32 billion euros, as the manufacturer of fragrances, flavors and food additives announced on Tuesday.
• Excluding exchange rate effects as well as acquisitions and disposals of parts of the company, the increase amounted to 4.2 percent.
• Business with additives for beverages and sweets as well as fragrances for expensive perfumes provided a tailwind, while the sunscreen business was slower due to very strong figures from the previous year.
• Group sales were roughly in line with market expectations, while organic growth was slightly higher.
• The company confirmed its annual targets.
• Accordingly, organic growth should continue to reach 5% to 7% in 2025.
• Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to account for around 21% of sales, which would continue the margin recovery of the previous year.
• Symrise will comment specifically on the profit trend when it publishes its half-year figures.

Tuesday: Stock market dates, economic data, quarterly figures

Japan stock exchange holiday

• ex-dividend of individual stocks
• Henkel VZ EUR 1.85
• Banco Santander EUR 0.11
• Henkel 2.02 EUR
• Vivendi 0.04 EUR
• Akzo Nobel EUR 1.54
• Inditex 0.84 EUR
• Signify 1.56 EUR

• Quarterly figures / company dates USA / Asia
• 12:00 Spotify | UPS quarterly figures
• 12:30 General Motors | Honeywell quarterly figures
• 12:45 Pfizer quarterly figures | Astrazeneca analyst conference
• 13:00 Coca-Cola | Kraft Heinz quarterly figures
• 13:15 Paypal quarterly figures
• 15:00 Citigroup | American Express AGM
• 19:00 IBM AGM
• 20:00 Meta AGM
• 22:00 Booking Holdings | Starbucks | Edison International | First Solar | Snap quarterly figures
• 22:05 Visa | Mondelez quarterly figures
• Without time information: Paccar | Universal Music | Corning | Jetblue Airways Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Deutsche Bank | Lufthansa | Novartis | DWS | Hellofresh | HSBC
• 07:00 Banco Bilbao | Stratec | Capgemini | Volvo Car annual results
• 07:30 Adidas | Symrise | Mutares quarterly figures
• 08:00 Porsche AG | Astrazeneca | BP | AB Foods quarterly figures | Deutsche Bank PK
• 08:30 Hellofresh analyst and press conference
• 09:00 Flatexdegiro PK on the 1Q figures | Porsche AG PK
• 09:30 DWS | Banco Bilbao Analyst Conference
• 10:00 Lufthansa | Adidas PK
• 10:30 Hochtief AGM
• 11:00 Deutsche Bank | Symrise Analyst Conference
• 11:30 Lufthansa Analyst Conference
• 14:00 Novartis | BP Analyst Conference
• 14:00 Deutsche Börse Analyst and Investor Conference 1Q
• 15:00 Adidas Analyst Conference
• 18:00 ASM International quarterly figures
• 19:00 Telekom Austria quarterly figures
• 22:00 Logitech quarterly figures

• Economic data

08:00 DE: GfK Consumer Climate Indicator May FORECAST: -26.0 points previously: -24.5 points

09:00 DE: ECB Director Cipollone, speech on "Financial and trade fragmentation: risks and policy alternatives"

09:00 ES: GDP (1st release) 1Q FORECAST: +0.6% yoy/+3.1% yoy 4th quarter: +0.8% yoy/+3.4% yoy

09:00 ES: HICP and consumer prices (preliminary) April HICP FORECAST: +2.0% yoy previously: +2.2% yoy

09:40 DE: ECB Banking Supervisor Donnery, speech on the ECB's supervisory priorities for 2025

10:00 EU: ECB, M3 money supply and lending March M3 money supply FORECAST: +4.0% yoy previous: +4.0% yoy | ECB publication of consumer survey results

11:00 EU: Economic Sentiment Index April Eurozone Economic Sentiment Forecast: 94.5 Previous: 95.2 Eurozone Industrial Confidence Forecast: -10.3 Previous: -10.6 Eurozone Consumer Confidence Forecast: -16.7 Previous: -16.7 Previous: -14.5

11:00 EU: Eurozone Business Climate Index April

16:00 US: Consumer Confidence Index April FORECAST: 87.7 previous: 92.9

Slump in the DAX: investors are seeing red

There is a great deal of uncertainty on the stock markets at the moment, and this is being further fueled by US President Trump's aggressive tariff policy. On the last trading day of the week, investors have to accept massive losses in the Dax. Of the 40 companies listed in the leading German index, only two shares were able to record a positive closing price. The remaining 38 stocks experienced double-digit declines in some cases. Deutsche Bank was particularly affected $DBK (+0,39 %)which fell by 9.77 percent, and MTU Aero Engines $MTX (-1,58 %)whose shares fell by 8.11 percent. Deutsche Börse, Infineon $IFX (-0,54 %) and Siemens Energy $SIE (+3,13 %) also suffered losses of more than 7 percent. The Dax itself closed 4.95 percent lower at 20,641.72 points.

Trade war continues to weigh on the markets

Pressure on the markets remains high as uncertainty over trade relations between the USA and China persists. China's announcement that it would impose counter-tariffs on US goods has heightened fears of a full-scale trade war. At times on Friday, the Dax fell by up to 5.6 percent to 20,579 points. The MDax and EuroStoxx50 also suffered significant losses. There were significant declines in the banking sector in particular, which is heavily dependent on economic developments. Deutsche Bank and Commerzbank $CBK recorded losses of up to 12.1 and 9.3 percent respectively. Volatility on the markets is likely to remain high as long as the uncertainty surrounding customs policy persists.

Slight stability at Adidas and Beiersdorf

Despite the general downward trend, there were also some bright spots in the Dax. The shares of Adidas $ADS (+1,15 %) were able to maintain their position as the lone frontrunner with a plus of 0.54 percent. Symrise $SY1 (-0,38 %) and Beiersdorf $BEI (-0,1 %) also remained relatively stable, with Symrise recording a minimal gain of 0.01%, while Beiersdorf fell by 0.37%. Investors are hoping that the negative spiral of tariffs and counter-tariffs can be halted through negotiations, but the uncertainties remain and could continue to weigh on the markets.

Sources:

https://www.n-tv.de/wirtschaft/Das-sind-die-groessten-Verlierer-im-Dax-article25682125.html

https://www.n-tv.de/wirtschaft/Dax-schmiert-ab-US-Zoelle-China-Zoelle-und-jetzt-article25681044.html

At 53 billion euros, the 40 DAX companies are likely to pay out almost one billion euros more this year than a year ago - more than ever before.

The reason for the strong development is high consolidated profits and unexpectedly rising dividends at a good dozen companies, including $ALV (-0,33 %) Allianz, $MUV2 (-2,35 %) Munich Re and $RHM (+0,69 %) Rheinmetall.

At 109 billion euros net profit, the DAX companies are likely to have earned as much in 2024 as in the previous year, according to Handelsblatt calculations. Slump in earnings for the three car manufacturers $BMW (-0,52 %) BMW, $MBG (-1,18 %) Mercedes and $VOW (-0,22 %) VW will be offset by companies in other sectors, in particular the major insurers Allianz, Munich Re and $HNR1 (-2,96 %) Hannover Re, but also $DTE (-2,93 %) Deutsche Telekom, $HEN (-1,02 %) Henkel and $EOAN (-0,05 %) Eon.

More than a dozen DAX companies have announced higher dividends than the market had previously expected. For example $ALV (-0,33 %) 15.40 euros per share after 13.80 euros in the previous year. Analysts had forecast just under 15 euros. The insurer is thus distributing just under six billion euros. This is a record in the German corporate landscape.

The biggest jump is at $MUV2 (-2,35 %) Munich Re: The reinsurer is increasing its dividend by five euros per share to 20 euros.

The two healthcare specialists $FRE (-0,12 %) Fresenius and $FME (-0,98 %) Fresenius Medical Care, the brand manufacturer $HEN (-1,02 %) Henkel, the automotive supplier $BTR Continental, the $CBK (+1,61 %) Commerzbank, $RHM (+0,69 %) Rheinmetall and $HNR1 (-2,96 %) Hannover Re have raised their dividends, in some cases significantly more than expected. This is also due to rising profits, which justify a higher profit share for shareholders.

The largest dividend payers in the DAX are

• $ALV (-0,33 %)
• 
  $DTE (-2,93 %)
• 
  $MBG (-1,18 %)
• 
  $SIE (+3,13 %)
• 
  $VOW (-0,22 %)

Like the car manufacturers, a number of companies in the DAX remain below the usual international payout ratios, including the family-run groups $BEI (-0,1 %) Beiersdorf and $MRK (-3,07 %) Merck. They pass on less than 30 percent of their profits. This leaves enough of a buffer so that dividends do not have to be reduced immediately in more difficult times.

Germany's most valuable group, $SAP (-0,76 %) SAP, with a payout ratio of 85%, is pushing the limit: net profit of 3.1 billion euros in the past year compares with a total dividend payout of 2.7 billion euros. However, the profit was burdened by a one-off effect.

So far, a total of 20 companies have increased their dividends, with only $BAS (-0,35 %) BASF and the three car manufacturers. Four companies have yet to do so: $RWE (+1,35 %) RWE, $SY1 (-0,38 %) Symrise and $VNA (+0,04 %) Vonovia are likely to increase their dividends, while analysts expect $PAH3 (-0,62 %) analysts expect a reduction at Porsche Holding.

Source (excerpt) & chart: Handelsblatt, 15.03.25