Peugeot Invest released its first‑half 2026 results on September 24, showing a net asset value (NAV) of €144.8 per share, down 12.5% including dividends. The market price stood at $49.05 (≈€56.4), a discount of 61% to NAV and close to the 52‑week low of $48.8.
The investment portfolio generated an 8.5% return at constant exchange rates, creating €236 million of gross value. Investment funds contributed €145 million (13.2% return), other investments €76 million (11.9% return) and shareholdings €14 million (1.4% return). Excluding SpaceX, the fund portfolio would have added €13 million.
Stellantis exposure was a major drag. The auto stake fell 47.7% in the period, cutting its gross‑asset‑value weight from 34% at year‑end 2025 to 20% at June‑30 2026 and now representing 24% of total GAV. The decline accounted for €792 million of NAV reduction.
Disposals and new deployments totaled €330 million and €209 million respectively. Key transactions included the LISI disposal (€116 million, 11% net IRR), the Immobilière Dassault exit (€72 million, 8.3% net IRR) and an expected Doctrine sale of about €97 million at a 5.4× gross multiple. New commitments were €142 million to Totalmobile SOLVARES GROUP and $175 million to Mérieux NutriSciences.
SpaceX exposure delivered $149 million of value creation, a 20‑times return on an initial roughly $10 million stake via Valor Equity Partners funds. NAV allocation to SpaceX grew from $57 million at end‑2025 to over $200 million by June‑30 2026, prompting a hedge once the threshold was breached.
The balance sheet showed net debt of €320 million, a loan‑to‑value ratio of 7.8% and gearing of 14.3%, with total liquidity of €1.04 billion (cash €255 million and undrawn credit €785 million). The dividend remained €3.25 per share, reflecting a 6.8% compound annual growth rate since 2016.
CEO Jean‑Charles Douin said investments now represent roughly 80% of the portfolio, up from 10% in 2002, and emphasized a preference for dividends over share buybacks to protect the limited free float. Management expressed disappointment with Stellantis’ performance, will give the automaker’s recovery plan time to work, and has no plans to divest the auto stake or seek control.
