Peugeot Invest (PEUG) H1 2024 earnings summary

Executive summary

• Net asset value (NAV) at 30 June 2024 was €5,650 million (€226.70/share), down 3.7% from year-end 2023, mainly due to Stellantis' share price decline and market conditions despite reinvested dividends.

• Consolidated net profit for H1 2024 was €306.5 million, with €228 million attributable to the Group, down from H1 2023, mainly due to losses on disposals and revaluations of long-term holdings.

• Major disposals included full exits from SEB (€236 million), Tikehau Capital (€58.3 million), partial sale of LISI (€39.9 million), and AmaWaterways ($48 million), generating €437 million in gains and boosting investment capacity.

• New CEO Jean-Charles Douin appointed, effective 28 October 2024, as part of a planned management transition.

Financial highlights

• NAV decreased to €5,650 million from €5,949 million at 31 December 2023; gross asset value at 30 June 2024 was €6,353 million.

• Consolidated net income: €306.5 million (Group share: €228 million), EPS: €9.15 vs €10.12 in H1 2023.

• Dividends received totaled €369 million in H1 2024, up from €320 million in H1 2023; dividends paid to shareholders increased by 14% to €80.7 million.

• Operating cash flow rose to €346.1 million from €125.1 million in H1 2023.

• Debt reduced by €316.1 million, mainly from bank loan repayments; net debt dropped to €374 million from €858 million at December 2023.

Outlook and guidance

• Management expects to continue a diversified investment strategy, targeting market leaders with sustainable growth and maintaining flexibility for future opportunities.

• Stellantis maintains guidance for >10% operating margin and positive cash flow for 2024 despite a challenging automotive market.

• Geopolitical and macroeconomic uncertainties remain high, with ongoing asset rotation planned.