Peugeot Invest (PEUG) H1 2025 earnings summary

Executive summary

• NAV per share was €157.9 as of June 30, 2025, down 11.8% year-to-date, mainly due to Stellantis share price decline and €160 million negative FX impact from USD depreciation.

• Achieved a total return of 9.2% at constant currency, despite a 33% decrease in Stellantis share price.

• Executed a revised investment strategy with significant disposals (SPIE, JDE Peet's, IHS, Lisi) and reinvestments in core sectors and geographies.

• Portfolio repositioning focused on long-term sustainable value, disciplined diversification, and concentration on public and private equity in Europe and North America.

• Share price up 5% in H1 2025, outperforming NAV and major indices.

Financial highlights

• NAV at €3.9 billion (€157.9/share), down 11.8% over the period.

• Consolidated net profit/income was €157.1 million, down from €306.5 million in H1 2024, mainly due to lower dividends and reduced disposal gains.

• Income from long-term investments was €250.7 million, with €177.1 million from dividends and €18.1 million from disposals.

• Cash flow positive, funding €81 million dividend; SG&A costs and general administrative expenses reduced year-over-year.

• Net debt reduced to €339 million at H1 2025 (from €551 million at end-2024), with further reduction pro forma and unused credit facilities of €935 million.

Outlook and guidance

• Management anticipates continued portfolio concentration and value creation, focusing on Europe and North America, with Italy included in the opportunity set.

• Expect 2025 to see the highest portfolio turnover in four years, with investment volumes in line with historical averages.

• Strong liquidity position of €1,182 million and only one major bond maturity in 2026; new US PP bond issue (€100 million, 7 years, 4.62% coupon) extended debt maturity.

• No significant new portfolio rotation expected before year-end, but remain opportunistic.