Peugeot Invest (PEUG) H2 2024 earnings summary

Executive summary

• Net asset value (NAV) declined 22.1% year-over-year to €4.6 billion, mainly due to a 40% drop in Stellantis share price and broader automotive sector headwinds.

• Gross asset value was €5.3 billion, with a diversified portfolio across listed shareholdings, co-investments, and investment funds.

• Active asset rotation continued, with €538 million in disposals and €379–380 million in new investments, including a €125.4 million stake in Robertet.

• Dividend per share maintained at €3.25, reflecting a stable payout despite a mixed year.

• Net debt reduced by €307 million to €551 million, improving the loan-to-value ratio to 11%.

Financial highlights

• NAV per share at year-end was €182.7, down from €238.7, with a 25% decline in share price and a 60% discount to NAV.

• 2024 consolidated net profit attributable to equity holders was €146.3 million, up 7.1% year-over-year.

• Record dividend inflow, mainly from Stellantis, covered expenses, taxes, and shareholder dividends.

• Loan-to-value ratio improved to 11%, and liquidity position stands at €1 billion, with €935 million in undrawn credit lines.

• Gross asset value dropped from €6,924 million to €5,251 million.

Outlook and guidance

• 2025 is expected to be a capital deployment year, with a more focused investment strategy under new CEO leadership.

• Stellantis expects revenue growth, a single-digit operating margin, and positive industrial free cash flow in 2025.

• Stellantis dividend for 2025 is proposed at half the 2024 level, impacting future cash flows.

• Dividend policy aims for stability, but future decisions will depend on market and portfolio developments.

• Edouard Peugeot to become Chairman in May 2025; external review of board practices completed.