Financing Strategy and Maturity Profile

Our financing strategy aims to support the value-adding growth of the Continental Group while at the same time complying with an equity and liabilities structure adequate for the risks and rewards of our business.

Our goal is to finance ongoing investment requirements from the operating cash flow. Other investment projects, such as acquisitions, should be financed from a balanced mix of equity and debt depending on the ratio of net indebtedness to equity (gearing ratio) and the liquidity situation to achieve constant improvement in the respective capital market environment.

In general, the gearing ratio should be below 40% in the coming years. If justified by extraordinary financing reasons or specific market circumstances, we can rise above this ratio under certain conditions. The equity ratio should exceed 30%.

In the reporting year 2023, it was 37.4% and the gearing ratio 28.6%.

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Continental always strives for a balanced maturity profile of its liabilities in order to be able to repay the amounts due each year from free cash flow as far as possible.

Gross indebtedness amounted to €7,170.3 million as at December 31, 2023. Key financing instruments are the syndicated loan with a revolving credit line of €4.0 billion that has been granted until December 2026, and bonds issued on the capital market.

The following table shows all outstanding bonds and maturities.

WKN/ISIN	Coupon p.a.	Maturitiy	Volume in Euro	Issue Price	Price at as Dec. 31,2023	Price at as Dec. 31,2022
A28YEC/XS2193657561	1.125%	Repaid	625,000,000	99.589%	98.016%	96.018%
A2YPAE/XS2056430874	0.375%	June 27, 2025	600,000,000	99.802%	96.117%	92.549%
A28XTR/XS2178586157	2.500%	August 27, 2026	750,000,000	98.791%	98.922%	95.896%
A35138/XS2672452237	4.000%	March 1, 2027	500,000,000	99.658%	102.347%	issued in 2023
A30VQ4/XS2558972415	3.625%	November 30, 2027	625,000,000	100.000%	101.708%	97.187%
A351PU/XS2630117328	4.000%	June 1, 2028	750,000,000	99.445%	103.346%	issued in 2023