Peugeot Invest, the French alternative investment manager, reported strong first-half 2026 results, with net profit rising to EUR 135.8 million—a 12.5% increase over the same period in 2025. However, the group’s net asset value (NAV) per share fell 12.5% to EUR 144.8, reflecting a broader market downturn and currency fluctuations. The firm’s investment portfolio delivered a 8.5% return at constant exchange rates, with EUR 336 million in total value creation, of which EUR 240 million was net of FX impacts. Net debt decreased by EUR 56 million to EUR 320 million, while liquidity remained robust at EUR 1.04 billion, including EUR 785 million in undrawn credit facilities and EUR 255 million in cash reserves.
Peugeot Invest maintained its dividend payout of EUR 3.25 per share, consistent with a decade-long average growth rate of 7% annually. The firm also completed several high-profile disposals in H1, generating EUR 330 million in proceeds. Notably, the sale of Doctrine to RELX yielded EUR 97 million, a 5.4x return on the EUR 18 million investment made in 2023 alongside Summit Partners. Other exits included Immobilière Dassault (EUR 72 million, IRR >8%) and LISI (EUR 116 million, 11% IRR), while Totalmobile and Solvares Group’s merger received EUR 140 million in backing.
The firm’s largest single investment, a EUR 175 million stake in Mérieux NutriSciences, remains pending regulatory approval for closure in October. Meanwhile, SpaceX-related investments—including a EUR 200 million commitment to Valor Equity funds—yielded a remarkable 20x return on invested capital, though these were hedged to secure gains. Excluding SpaceX, the core portfolio generated EUR 13 million in H1 returns. A EUR 300 million bond maturing in October will be refinanced using existing liquidity.
Stellantis, the parent of brands including Peugeot, weighed heavily in the discussion. The group’s share price declined 48% in H1, reducing its weight in Peugeot Invest’s gross assets to under 20%—down from 20% of gross asset value (GAV). Stellantis reported revenue growth of 10% and an adjusted operating income margin rise of 140 basis points to 2.1%.
CEO Jean-Charles Douin emphasized the firm’s disciplined approach, stating that value creation was driven by strategic exits and selective investments. He noted a preference for dividend-paying partners over buybacks, aiming to preserve limited free float. Deputy CEO Sébastien Coquard underscored the importance of family and institutional partnerships, while highlighting the impact of FX movements on overall returns.
The half-year results reflect a balanced portfolio, balancing growth opportunities with prudent risk management amid broader market volatility.
