Peugeot Invest (PEUG) H1 2026 earnings summary

Executive summary

• Achieved an 8.5% net return (excluding FX), creating nearly €240 million in value, with positive FX adding €50 million, but offset by a sharp decline in Stellantis, now only 20% of gross assets.

• Portfolio now consists of approximately 80% investments, up from 10% in 2002, reflecting a strategic shift and increased exposure to B2B technologies and North America.

• Major portfolio rotation: €330 million in disposals (LISI, Immobilière Dassault), €209 million invested in new opportunities (Totalmobile-Solvares, Mérieux NutriSciences), and robust performance from tech assets, notably SpaceX.

• Net Asset Value (NAV) at €3,608 million (€144.8 per share), down 12.5% from year-end 2025, reflecting market movements and dividend payments.

• Net profit group share reached €135.8 million, supported by private equity revaluations and positive Forex impact.

Financial highlights

• NAV per share at June 30, 2026, was €144.8, down 12.5% year-over-year, mainly due to Stellantis share price dropping 47%.

• Consolidated profit for H1 2026: €135.8 million, up from €121.5 million in H1 2025.

• Investment funds, especially Valor Equity (SpaceX), drove strong growth; SpaceX IPO led to fund value exceeding €200 million, a 20x multiple.

• Operating cash flow positive in H1, aided by €20 million tax refund and despite no Stellantis dividend.

• Dividend maintained at €3.25 per share; 10-year CAGR of 7%.

Outlook and guidance

• Portfolio rotation and selective capital deployment to continue, focusing on four core sectors: business services, healthcare, technology, and financial services.

• Full-year guidance maintained for Stellantis and Forvia, with expectations of mid-single-digit revenue growth and improved, though still negative, industrial free cash flow.

• Ample liquidity and strong balance sheet position the group to pursue new investment opportunities.