Peugeot Invest (PEUG) H2 2025 earnings summary

Executive summary

• Investments grew by 14.1% in 2025, mainly driven by strong listed investment performance at constant exchange rates.

• Stellantis faced a challenging year with a 20% share price decline, impacting valuation by over EUR 400 million and contributing to a 5.6% NAV drop.

• Strategic portfolio rotation included EUR 667 million in divestments and EUR 432 million in new investments, with continued activity in early 2026.

• The investment strategy was refocused on equity, concentrated influential investments, and four core sectors: healthcare, business services, financial services, and technology.

• Robust financial structure with net debt reduced to EUR 376 million and high liquidity, supporting resilience and future investment capacity.

Financial highlights

• NAV at year-end 2025 was EUR 4.2 billion, or EUR 169.2 per share, down 5.6% year-over-year.

• Attributable profit rose 52.8% year-over-year to EUR 223.5 million, mainly due to higher gains on divestments and fair value remeasurements.

• Revenue increased to EUR 362.3 million in 2025 from EUR 250.2 million in 2024.

• Share price increased 8.1% in 2025, narrowing the discount to NAV to 55%.

• Dividend proposed at EUR 3.25 per share, maintaining a 10-year CAGR of 7%.

Outlook and guidance

• Focus remains on restoring revenue growth and positive operating margins for Stellantis.

• Confident outlook for 2026 due to strong balance sheet, low leverage, and substantial investment capacity.

• 2026 outlook shaped by geopolitical volatility, impacting asset valuations and currency movements.

• Expect continued asset rotation and at least one more transaction in 2026.

• Continued focus on targeted investments in core sectors, with a strong pipeline of acquisition opportunities.