Peugeot Invest (PEUG) H2 2025 earnings summary

Executive summary

• Investments grew 14.1% in 2025, driven by strong listed asset performance, despite a 20% decline in Stellantis shares and negative FX impacts.

• Net asset value (NAV) per share declined 5.6% to €169.2, with a share price of €75.8, narrowing the NAV discount.

• Active portfolio rotation included €667 million in divestments and €432 million in new investments, focusing on four core sectors: healthcare, business services, financial services, and technology.

• Robust financial structure with net debt reduced to €376 million and strong liquidity, supporting resilience and future investment capacity.

• New investments included BroadStreet Partners, Novétude, and the merger of Solvares and Totalmobile.

Financial highlights

• NAV declined 5.6% year-over-year to €4.2 billion, or -1.7% excluding FX, mainly due to Stellantis and FX headwinds.

• Net profit group share rose to €259.4 million, mainly due to higher gains on divestments and fair value remeasurements.

• Revenue increased to €362.3 million in 2025 from €250.2 million in 2024.

• Dividend proposed at €3.25 per share, maintaining a 10-year CAGR of 7%.

• Share price rose 8.1% in 2025, outperforming NAV and key indices.

Outlook and guidance

• Focus on restoring revenue growth and positive operating margins at Stellantis after a €22.3 billion net loss and suspended 2026 dividend.

• Continued asset rotation and capital deployment in core sectors, with at least one more transaction expected in 2026.

• Positive guidance for 2026, with expectations of strong execution and improvement in industrial free cash flow.

• Confident in portfolio resilience despite geopolitical and economic uncertainties.