Peugeot Invest (PEUG) H2 2025 earnings summary

Executive summary

• Investments grew by 14.1% in 2025, driven by strong listed asset performance, despite a 20% decline in Stellantis shares and negative currency effects.

• Net asset value (NAV) per share declined 5.6% to €169.2, reflecting adverse currency impacts and automotive sector weakness.

• Active portfolio rotation included €667 million in disposals (notably SPIE and LISI) and €432 million in new investments, with redeployment into core sectors.

• Investment strategy was refocused on four core sectors: healthcare, business services, financial services, and technology.

• Strong liquidity and disciplined capital allocation maintained a resilient balance sheet and supported future investment capacity.

Financial highlights

• NAV at year-end 2025 was €4.2 billion, down 5.6% year-over-year, with gross asset value at €4.8 billion.

• Net profit group share rose to €223.5 million, mainly due to higher gains on divestments and fair value remeasurements.

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

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

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

Outlook and guidance

• Positive outlook for 2026, with a focus on restoring revenue growth, positive operating margins, and progressive improvement in industrial free cash flow.

• Continued asset rotation and at least one more transaction expected in 2026, including new investments in field service management software.

• Geopolitical volatility and automotive sector declines expected to impact asset valuations and currency movements.