Peugeot Invest (PEUG) H1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) per share was €157.9 as of 30 June 2025, down 11.8% year-to-date, mainly due to a 33% decline in Stellantis share price and negative FX impact from USD depreciation.

• Achieved a total return of 9.2% at constant currency, with robust investment performance despite adverse currency effects.

• Executed a revised, sector-driven investment strategy with significant disposals (SPIE, JDE Peet's, IHS, LISI) and reinvestments in core sectors such as healthcare and financial services.

• Portfolio repositioning focused on Europe and North America, with disciplined diversification and a mission to create long-term sustainable value.

• Significant investment capacity maintained with net debt reduced to €339 million and strong liquidity.

Financial highlights

• Consolidated net income for H1 2025 was €121.5–€157.1 million, down from €228–€306.5 million in H1 2024, mainly due to lower dividends and negative currency effects.

• NAV at €3,935 million, or €157.9 per share, down 11.8% over the period.

• Gross Asset Value of investments at €4,521 million as of 30 June 2025.

• Cash and cash equivalents increased to €247.4 million; loan-to-value ratio improved to 7.5%.

• Net debt reduced to €339 million (from €551 million at end-2024); unused credit facilities of €935 million.

Outlook and guidance

• Management anticipates continued portfolio concentration and value creation, focusing on Europe and North America, with further opportunities expected amid macroeconomic uncertainty.

• Sequential improvement in Stellantis' activity expected in H2 2025; Forvia reaffirmed full-year targets.

• Strong liquidity position of over €1.1 billion and only one major bond maturity in 2026.

• Acceleration of the new investment strategy planned for H2 2025 and into 2026.